According to a report by Knight Frank, covering January–June 2025, the city recorded the second-highest half-yearly office leasing performance despite a 5% year-on-year (YoY) decline in transaction volumes.

Office Market Highlights

Key Trends:

• Office Rents: Increased by 12% YoY—the highest growth among India’s top markets.
• Leasing Volumes: Declined marginally to 5.5 million sq. ft., compared to 5.8 million sq. ft. a year ago.
• New Completions: Fell by 48% YoY, driving vacancies down to the lowest level since 2014.

Office Market Summary

Source: Knight Frank Research

Flex spaces emerged as the dominant occupier segment, accounting for 39% of transactions, up from 10% a year earlier. The share of Global Capability Centres (GCCs) more than doubled to 11%, while India-focused businesses saw their share decline to 48%, reflecting a more diversified demand base.

Business Districts and Leasing Dynamics

Notable Trends:

• SBD West and Peripheral Business Districts contributed over 60% of gross leasing.
• Bandra Kurla Complex (BKC) & Off-BKC saw demand rebound from 6% to 16% share YoY.
• Infrastructure improvements, including Mumbai Metro Line 3, boosted connectivity and occupier confidence.

Vacancy and Stock Overview

Gulam Zia, Senior Executive Director at Knight Frank India, commented:

“Mumbai’s office market continues to evolve with greater emphasis on flexibility and ESG-compliant buildings. While leasing volumes moderated, the sharp rent increase and falling vacancies suggest healthy underlying demand for premium office space.”

Residential Market Highlights

Mumbai’s residential sector remained steady, with 47,035 units sold in H1 2025—nearly unchanged from H1 2024, marking the second-highest half-yearly sales volume since 2012.

Average prices rose by 8% YoY to INR 8,532 per sq. ft., driven by higher ticket-size homes and better specifications.

Residential Market Summary

Source: Knight Frank Research

Ticket-Size Segment Performance

Source: Knight Frank Research

Peripheral locations such as Navi Mumbai, Kalyan-Dombivli, and Virar continued to drive launches and sales, supported by major infrastructure upgrades like the Navi Mumbai Airport and Atal Setu (MTHL).

Gulam Zia added:

“Mumbai’s residential market is stabilising at a high-performance level. Consistent traction in the INR 10 million-plus segment reflects a strong end-user base with evolved preferences.”

Also Read: Commercial Real Estate Market in Mumbai

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H1 2025 Highlights

Key Performance Indicators:

Source: Maharashtra Dept. of Registrations and Stamps; Knight Frank Research

“Mumbai’s residential market continues to reflect steady buyer confidence. Demand for larger homes and premium properties remains resilient, driving healthy revenue collections,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Monthly Trends

June 2025 recorded 11,521 registrations, marginally lower (-1% YoY) than last year, while revenue grew 2% YoY to ₹1,031 crore.

Recent Monthly Performance

*June figures based on forecasted run rate.

Price Segment Dynamics

Share of Transactions by Ticket Size – June 2025

Insight: While mid-market properties between ₹2–5 crore saw softer activity, high-value purchases (above ₹5 crore) grew, reflecting increased appetite for premium housing.

Size Preferences Remain Consistent

Compact apartments continue to dominate:

Area-wise Distribution of Registrations – June 2025

Note: Units below 1,000 sq ft accounted for 84% of transactions, affirming the preference for compact homes.

Micro-Market Snapshot

Western and Central Suburbs remain the epicentre of activity, contributing 88% of registrations:

Observation: South Mumbai’s share continued to decline, indicating a shift in preference toward suburban locations.

12-Year Registration Trend

Fact: H1 2025 marks the highest half-yearly registrations and revenue since 2013.

Conclusion

Mumbai’s property market remains robust, driven by strong demand for compact residences and a steady premium segment. While a slight cooling is visible in some price brackets, overall sentiment and transaction momentum remain upbeat, positioning the city for continued growth in the second half of the year.

Also Read: Mumbai may become less Affordable

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While the numbers show year-on-year growth, property registrations in January 2025 were slightly lower than in December 2024, when 12,418 properties were registered, generating ₹1,134 crore in revenue.

Year-on-Year Comparison: January 2024 vs. January 2025

Comparing January 2025 with January 2024, property registrations have increased by 9.86% (from 10,967 to 12,048), while stamp duty revenue has surged by 28.16% (from ₹760 crore to ₹974 crore). The sharp rise in revenue suggests a higher value of property transactions, likely influenced by a demand for premium and luxury housing.

Month-on-Month Comparison: December 2024 vs. January 2025

On a month-on-month basis, property registrations in January 2025 declined by 2.98% compared to December 2024 (from 12,418 to 12,048). Similarly, stamp duty revenue saw a 14.11% drop (from ₹1,134 crore to ₹974 crore). This dip is not uncommon, as December typically sees a higher number of property transactions due to year-end investment decisions and tax planning considerations.

Key Takeaways from the Data

1. Consistent Growth: The Mumbai real estate market remains strong, with property registrations and revenue showing an upward trend compared to last year.
2. Higher-Value Transactions: The larger percentage increase in revenue compared to registrations suggests that high-value properties are being transacted more frequently.
3. Seasonal Fluctuations: The slight drop from December 2024 to January 2025 aligns with historical trends where December often sees a peak in registrations.

With a strong start to 2025, Mumbai’s real estate sector is expected to maintain momentum, driven by increasing demand and investor confidence.

Also Read: MMR Real Estate Witnesses 38% Surge in Property Registration

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Price Trends Across Major Cities

The latest Housing Price Tracker, published by CREDAI (Confederation of Real Estate Developers’ Associations of India) in collaboration with Colliers and Liases Foras, reveals significant variations in house price trends among India’s largest cities. According to the report:

• Bengaluru, Hyderabad, and the National Capital Region (NCR), which includes Delhi, Faridabad, and Gurugram, have experienced a dramatic increase in average house prices, rising by over 50 percent from January-March 2019 to the second quarter of 2024.
• In Mumbai Metropolitan Region, house prices have remained stable compared to five years ago. Although prices were lower by five percent in the second quarter of 2023 compared to Q1 2019, the market has since stabilized.

Year-Over-Year Changes

The year-over-year data highlights:

• Delhi and the NCR saw the highest increase in house prices, with a 30 percent rise from the second quarter of 2023, driven primarily by luxury real estate projects.
• Bengaluru follows with a 28 percent increase, while Ahmedabad and Pune each saw a 13 percent rise.
• The remaining top cities have experienced more modest price changes, staying well below the ten percent increase threshold.

Expert Insights

The Reuters poll underscores a trend of rising house prices, particularly in the luxury segment. The demand for high-end properties continues to outpace that for affordable housing, which remains constrained by developer profit margins.

Also Read: Mumbai Real Estate Market Sees Record Highs in Property Prices

Credit and Sources

The data for this report is sourced from the Housing Price Tracker by CREDAI, in association with Colliers and Liases Foras. The Reuters poll provided insights into the expected price growth for 2024.

The post Know How Much your Housing Price will Increase? appeared first on Square Feat India.

Strong Performance in Top Cities

Across major Indian cities, 25 ultra-luxury homes, priced above INR 40 crore each, have been sold so far this year. These transactions include 20 high-end apartments and 5 independent bungalows. Mumbai has emerged as the dominant market, accounting for 21 of these sales, valued at approximately INR 2,200 crore, or 84% of the total.

• Mumbai: The financial capital remains the top destination for ultra-luxury properties, with deals predominantly in South Central Mumbai and the upscale neighborhoods of Bandra and Juhu. Notably, nine of these deals involved homes priced over INR 100 crore each.
• Hyderabad: Saw two ultra-luxury transactions amounting to INR 80 crore.
• Gurugram: Recorded one sale of an ultra-luxury home worth INR 95 crore.
• Bengaluru: Closed one deal for a home priced at INR 67.5 crore.

Price Trends and Market Dynamics

The average price of homes in the INR 40 crore and above category has increased by 2% over the past eight months. Homes priced above INR 100 crore have seen a substantial 14% rise in average prices. In Mumbai, the price per square foot for properties in this bracket has climbed to INR 1,02,458, up from INR 1,00,208 in 2023. For homes exceeding INR 100 crore, the price per square foot has jumped from INR 1,24,697 at the end of 2023 to INR 1,41,904 in 2024.

Yearly Comparison and Future Outlook

In 2023, the ultra-luxury segment recorded 61 transactions worth approximately INR 4,456 crore. With four months remaining in 2024 and the festive season approaching, industry experts anticipate further high-value deals.

Comment from Anuj Puri

Anuj Puri, Chairman of ANAROCK Group, commented on the market dynamics: “The whole of 2023 saw about 61 deals with a cumulative sales value of approximately INR 4,456 crore in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through. The data indicates that despite rising prices, the demand for ultra-luxury homes remains strong, driven by high-net-worth individuals seeking premium investments.”

City-wise Performance and Investment Preferences

The data highlights Mumbai’s unyielding dominance in the ultra-luxury market, attracting high-net-worth individuals (HNWIs) and ultra-HNWIs. In comparison, Hyderabad, Gurugram, and Bengaluru contribute smaller shares to the market. Of the 25 deals closed in 2024, 20 were high-rise apartments and five were independent bungalows. Notably, 80% of the deals were made by businessmen, with senior professionals and celebrities accounting for the remainder.

Historical Context and Demand Patterns

Over the past three years, the demand for ultra-luxury homes has surged. Between 2022 and 2024 (up to August), more than 99 deals worth approximately INR 8,069 crore have been recorded in top cities. In 2022, 13 ultra-luxury homes were sold for a total of INR 1,170 crore, with Mumbai accounting for 11 of these transactions.

Also Read: MHADA Receives Over 50,000 Applications for 2030 Homes in Mumbai Lottery; Deadline Extended

Conclusion

The ultra-luxury real estate market continues to thrive, driven by strong demand and rising property values. Mumbai’s leadership in this segment underscores its status as the premier destination for high-end real estate investments. As the year progresses, further developments and transactions are expected to shape the landscape of ultra-luxury residential properties in India.

The post Ultra-Luxury Homes Sales Surge to INR 2,443 Cr in Eight Months appeared first on Square Feat India.

Key Drivers Behind the Surge

1. High Demand and Limited Supply:

• Mumbai’s real estate market is characterized by strong demand from both domestic and international buyers, driven by the city’s status as a financial and commercial hub. However, the supply of new residential and commercial properties has not kept pace with this demand, creating a competitive market environment.
• The scarcity of land for new developments, combined with stringent regulatory approvals and high construction costs, has further constrained supply.

1. Economic and Financial Hub:

• As India’s financial capital, Mumbai attracts significant investments from various sectors including banking, finance, technology, and real estate. The presence of numerous multinational corporations and high-net-worth individuals has fueled demand for premium properties.
• The city’s role as a business center and its robust infrastructure continue to draw investors seeking both residential and commercial properties.

1. Luxury and High-End Segment Growth:

• The luxury real estate segment in Mumbai has experienced remarkable growth. High-end residential projects featuring premium amenities and prime locations have seen a substantial increase in prices. Areas like South Mumbai, Worli, and Bandra are particularly noted for their high property values.
• The trend towards luxury living, with an emphasis on quality and exclusivity, has contributed to escalating prices in these sought-after neighborhoods.

1. Infrastructure Developments:

• Significant infrastructure projects, such as the Mumbai Coastal Road, Navi Mumbai International Airport, and the Mumbai Metro expansions, have enhanced connectivity and accessibility. These improvements have spurred real estate developments and contributed to the rise in property values.
• Upcoming projects and planned infrastructure upgrades are expected to continue driving demand in various parts of the city.

1. Investment and Market Sentiment:

• Positive market sentiment and investor confidence have played a crucial role in pushing property prices higher. Investors view Mumbai real estate as a stable and lucrative asset class, leading to increased purchasing activity and competition.
• The city’s real estate market has historically shown resilience and growth potential, attracting both local and international investors seeking long-term gains.

Impact on the Market

• Affordability Challenges: The surge in property prices has made homeownership increasingly challenging for average buyers, especially in central and affluent areas. This has led to a growing disparity between high-end and affordable housing segments.
• Rental Market: As property prices climb, rental yields are also affected. Some areas are seeing higher rents in response to increased property values, impacting tenants and rental demand.
• Development Trends: Developers are focusing on luxury and high-end projects to capitalize on the market’s potential, sometimes at the expense of affordable housing options.

Looking Ahead

The Mumbai real estate market is expected to remain dynamic, with continued high property prices driven by ongoing demand, infrastructure improvements, and economic growth. While the market presents opportunities for investors and developers, it also poses challenges related to affordability and balanced growth. The city’s real estate landscape will continue to evolve, reflecting both the opportunities and complexities of one of India’s most prominent property markets.

Also Read: Mumbai’s Residential Market Set to Surpass INR 2 Lakh Crore by 2030, Says JLL Report

The post Mumbai Real Estate Market Sees Record Highs in Property Prices appeared first on Square Feat India.

Bagaluru in Bengaluru tops the list with an astonishing 90% increase in average residential prices, climbing from INR 4,300 per square foot in 2019 to approximately INR 8,151 per square foot in the first half of 2024. This rapid price growth is attributed to a significant influx of new supply, with around 17,065 units introduced in the area during this period. Notably, over 94% of these new units were in the mid and premium segments, with no new affordable housing added.

Hyderabad’s Kokapet follows closely, with a 89% rise in property prices. The area saw its prices soar from INR 4,750 per square foot in 2019 to INR 9,000 per square foot in early 2024. Approximately 12,920 new units were launched, with more than half of the new supply falling into the ultra-luxury category.

Whitefield, another prominent locality in Bengaluru, recorded an 80% price appreciation, with average prices increasing from INR 4,765 per square foot to INR 8,600 per square foot. The area saw about 18,600 new units introduced, with the majority in the mid and premium categories.

The Dwarka Expressway in the National Capital Region (NCR) ranks fourth, with a 79% increase in average prices. The locality’s prices jumped from INR 5,359 per square foot in 2019 to over INR 9,600 per square foot in the first half of 2024.

Sarjapur Road in Bengaluru, and Bachupally and Tellapur in Hyderabad also feature prominently in the rankings, with price increases of 58%, 57%, and 53% respectively. Other notable mentions include Panvel in the Mumbai Metropolitan Region (MMR) and New Gurugram in NCR, which experienced price rises of 50% and 48%, respectively.

In terms of new housing supply, MMR’s Dombivli was the most active market, with approximately 44,990 new units launched over the past five years. Sarjapur Road in Bengaluru and Panvel in MMR followed, with 36,150 and 34,400 new units respectively.

Anuj Puri, Chairman of ANAROCK Group, commented on the trends, stating, “The acceleration in housing prices, particularly over the past two years, highlights a robust demand coupled with significant new supply. While the commonly held belief that high new supply limits price growth is not always true, our data shows substantial appreciation in many active residential micro-markets.”

Puri also noted that, despite high new supply in some areas, residential prices have continued to rise significantly. For example, Greater Noida West in NCR, with the fifth-highest supply in the region, saw a remarkable 129% increase in prices.

As the real estate market continues to evolve, these trends indicate a dynamic landscape where demand, supply, and pricing are closely intertwined. The data underscores the importance of monitoring micro-market activity for understanding broader market movements.

Also Read: Residential Sales in Top Seven Cities Projected to Grow in FY2025

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