by THO
In 2024, 50% of properties registered in the Mumbai real estate market were smaller than 650 sq ft, with nearly 60% comprising 1 BHK and 2 BHK apartments, highlighting affordability as the key factor influencing apartment sizes, according to registration data from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
According to the MahaRERA data, almost 50% of the new launches had a RERA carpet area of less than 60 sqm (below 650 sq ft). However, the average apartment size has gradually increased in the last five years. It showed that the supply of larger apartments sized between 60 and 120 sqm (650 sq ft to 1,300 sq ft) has nearly doubled in the last four years.
In 2024, 63,244 units were registered in Mumbai, nearly 4% higher than the 60,930 units registered in 2023. According to the data, 2022 reported the highest number of over 75,000 units launched in the last five years since 2020.
Real estate developers and experts opine that affordability is a major concern among homebuyers. However, they add that there is a growing preference for larger apartments of 3 BHK and above.
According to local brokers, the price range of apartments in the Mumbai real estate market starts from ₹20,000 per sq ft and goes up to ₹1.60 lakh per sq ft for luxury homes.
Last week, Uday Kotak was in the news for purchasing 12 apartments in Worli facing the sea for ₹202 crore at a per sq ft rate of over ₹2.70 lakh per sq ft in one of the costliest residential deals in India.
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More than 36,000 housing units launched in Mumbai were 1 and 2 BHK apartments
According to MahaRERA data, 36,274 of the 63,244 units launched in the calendar year 2024 were 1 BHK and 2 BHK apartments.
Around 15%, or over 10,000 units were 3 BHK apartments, and around 3% or nearly 2,000 units, were 4 BHK apartments.
The Mumbai real estate market also reported registration of over 6,200 office spaces and shops, constituting around 10% of the total launches in the calendar year 2024.
The data reveals that in the calendar year 2023, the percentage of the 1 and 2 BHK apartments registered in Mumbai was around 65%, and around 14% were 3 BHK apartments.
The data suggests that the supply of 1BHK apartments has declined. In 2022, developers registered over 21,000 such units in Mumbai, but this number fell to over 18,000 in 2023 and around 15,000 in 2024.
Number of new launches in peripheral locations up
According to the data, specific areas like Kurla East, Bandra West, Vile Parle East, Andheri East, Marol, Malad, Ghatkopar East, Bhandup West, Vikhroli, Borivali West, and Kandivali East have experienced a surge in new housing launches in recent years.
It shows that the areas with the highest number of launches of over 1,000 units were Bhandup West, Mulund West, Borivali West, Malad East, and Oshiwara.
“The number of units registered and launched subsequently in 2024 is higher than in 2023. But, compared with 2022, the number is down by 15%. However, it still remains higher than in 2019, suggesting a post-COVID-19 revival in the real estate sector. Around 90% of the new launches were located in North and Central Mumbai, specifically in Dadar and Sion,” Pune-based Rahul Ajmera, developer at Vasupujya Corporation and a data analyst who collated the MahaRERA registration data.
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“In the last six months of 2024, nearly 27,000 new housing units were launched in Mumbai City, excluding Thane and Navi Mumbai. The past few years have witnessed an increase in new housing launches. As many as 76,000 units were launched in 2022 alone. This may be attributed to factors such as 50% discounts in premiums, relaxation of CRZ norms and favourable market conditions, which have contributed to high sales,” Ajmera said.
