Mumbai’s residential real estate prices are growing steadily. Due to the presence of numerous financial institutions, the city serves as the nation’s financial capital. Additionally, it is one of the most populous cities in the nation, demonstrating that there is a constant need for real estate in the area. The city’s plentiful employment prospects are another element boosting the demand for housing.

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The possibility for an increase in property value is increased by the metro’s improved connectivity between various places. PropIndex report for Q3, 2022, the third quarter of 2022 saw a 1.9% increase in housing demand and a 2.1% decrease in housing supply. Due to unsold inventory, there were fewer fresh releases in the city, which caused the supply to fall. The availability of residential units was reduced as a result of a number of additional issues.

During the third quarter of 2022, Mumbai’s real estate prices had an average increase of 2.1%. In addition, the ready-to-move property index (RM rate index) for Mumbai shows a slight average gain. At the same time, the third quarter’s average growth for the UC Rate Index (under-construction properties) was 3.0%. Additionally, the average price per square foot (psf) for ready-to-move-in and under-construction residences increased somewhat in places where it is more expensive than 25,000.

Demand & Supply Analysis for Housing

The shifting real estate prices in Mumbai and the analysis of housing demand & supply show the consumer preferences and market trends. According to the survey, neighbourhoods like Malad and Kandivali continue to be popular places to stay.

Malad and Kandivali are the most popular areas for homebuyers.

Malad and Kandivali will continue to be the top neighbourhoods in Mumbai in Q3 2022, followed by Borivali & Dahisar. Their popularity can be linked to the coastline road’s development, the beginning of phase 1 operations for the new metro lines 2A and 7, and the beginning of new residential projects by renowned developers for the luxury real estate market.

• Due to their proximity to numerous employment centres, the airport, and decent connectivity choices, areas like Mira Road, Goregaon, and Andheri also attracted a significant number of buyers.
• For two-bedroom apartments, Mumbai had the highest supply and demand ratios. The most popular prices range from INR 15,000 to 25,000 per square foot.
• Homebuyers and developers continued to favour 2 BHK flats the most in Q3 2022, contributing 42% to demand and 43% to supply, respectively.
• Mid-segment properties have the highest supply and demand of any housing category, according to statistics (INR 15,000 – 25,000 psf).

Demand and Supply Propensity for Housing

The tendency of demand for residential units in Mumbai is depicted in the following graphic. The demand for residential homes in the designated areas is indicated by the red dots. A supply propensity map similar to this one is also included in the “Property Rates in Mumbai Report, Q3 2022.” These dots’ high density reveals a citywide accumulation of demand for housing on the real estate market. Some of the top areas in Mumbai with the most demand for residential units and the finest property prices are Malad, Kandivali, Mulund West, Andheri West, Andheri East, Worli, Goregaon East, and Chembur.

Mumbai Residential Property Rates: Q3 2022 Detailed Analysis

The change in property rates dependent on the price range of the properties is highlighted in the section below. Generally speaking, there are three price ranges:

Affordable section – Properties with a price range of less than Rs. 15,000 per square foot are considered to be in the affordable category.

Mid segment – Mid segment homes are those that fall within the price range of Rs. 15,000 to Rs. 25,000 per square foot.

Premium segment – Properties with a price range of more than Rs. 25,000 psf are considered to be in the premium segment.

Change in Property Rates for Affordable Localities

The following table displays the current real estate prices in Mumbai for residential properties with a per-square-foot cost of less than Rs 15,000 and changes in price points.

• Other western suburbs, such as Dahisar (7.35%), Akruli Nagar (7.16%), and Vikhroli West (7.10%), saw growth in average rates along with a few more affordable areas, such as Nalasopara West (3.28%), Virar West (2.28%), and Vasai (1.29%), primarily because of sustained high demand and the beginning of Phase-1 operations of metro lines 2A and 7.
• Byculla, Dadar East, & Bandra Kurla Complex are seeing the most demand for larger, more opulent residences with high-quality amenities and close proximity to employment centres, with corresponding shares of 7.4%, 7.3%, and 7.2%.
• According to the research, the rate has changed negatively in places like Charkop, Bhayandar East, & Jankalyan Nagar.

• The list of the city’s major neighbourhoods is shown above, along with data on the average rate & QoQ rate changes for Q3 2022.
• The locality rate is determined by averaging the rates of all properties in a locality, broken down into multi-storey & builder floor segments, after any outlier properties that might have an impact on the average price have been eliminated.
• The three tables above group the areas into different rate brackets.
• Green denotes a rate increase, red, a rate decrease, and grey, neutral, respectively, reflect the price change in Q3 2022.

Change in Property Rates for Mid-Segment Localities

• The following table shows how prices for residential properties have changed per square foot between the ranges of Rs. 15,000 to Rs. 25,000.
• In several Mumbai neighbourhoods with a strong real estate market, the mid-segment category shows a notable increase in property rates.
• In Mumbai, areas like Dahisar, Akurli Nagar, & Vikhroli West had a 7% increase in property values in the third quarter of 2022.

• The list of the city’s major neighbourhoods is shown above, along with data on the average rate & QoQ rate changes for Q3 2022.
• The locality rate is determined by averaging the rates of all properties in a locality, broken down into multi-storey & builder floor segments, after any outlier properties that might have an impact on the average price have been eliminated.
• The three tables above group the areas into different rate brackets.
• Green denotes a rate increase, red, a rate decrease, and grey, neutral, respectively, reflect the price change in Q3 2022.

Change in Real Estate Prices in Premium Localities

The change in price points for residential properties in the premium category, with a price range of more than Rs. 25,000 per square foot, is shown in the following table.

• It’s interesting to note that the real estate market for exclusive neighbourhoods is experiencing rapid price growth.
• The areas with a price change that increased by more than 7% were Byculla, Dadar East, Santacruz West, Bandra Kurla Complex, Mumbai Central, and D.N. Nagar.

• The list of the city’s major neighbourhoods is shown above, along with data on the average rate and QoQ rate changes for Q3 2022.
• The locality rate is determined by averaging the rates of all properties in a locality, broken down into multi-storey and builder floor segments, after any outlier properties that might have an impact on the average price have been eliminated.
• The three tables above group the areas into different rate brackets.
• Green denotes a rate increase, red, a rate decrease, and grey, neutral, respectively, reflect the price change in Q3 2022.

Mumbai Real Estate Market Variation, Q3 2022

The following graph displays the change in real estate prices in Mumbai’s most important neighbourhoods. The green spots represent an increase in Mumbai real estate prices, while the red spots represent a decrease.

• Residential property demand is steadily increasing in the neighbouring areas as a result of the start of metro lines 2A and 7’s phase 1 operation.
• Property was in high demand in areas close to employment centres like Byculla, Bandra Kurla Complex, Dadar, etc. Particularly for larger, multi-amenity residential apartments that are available in the neighbourhood.

Conclusion Mumbai Real Estate Prices

Mumbai has seen fewer launches in recent years for a variety of reasons, including an emphasis on getting rid of unsold inventory, modifications to the FSI regulations, a lack of Greenfield property, and delays in approving reconstruction projects in the wake of the Covid-19 outbreak. However, in Q3 2022, both the average city-level rate and demand increased. This was mostly because metro lines 2A and 7 began operating in phase 1 and because infrastructure projects like the Delhi-Mumbai Expressway were making progress.

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