Residential property price in Mumbai India by zone H1 2023

In the first half of 2023, south-central Mumbai had the highest average real estate price rate of around 35.6 thousand Indian rupees per square foot in the Mumbai metropolitan region. Peripheral central suburbs recorded the cheapest property rates.

Mumbai’s real estate market

India’s financial capital, Mumbai’s increasing population, rapid urbanization, and employment opportunities have contributed to skyrocketing property rates in the city. Its real estate market is the most expensive in India. Since the onset of the pandemic, the demand for larger units has been on the rise. In 2023, the realty market saw a surge, especially in luxury and high-end properties catering to the affluent of the city.

New metro connectivity with suburbs

As per realtors, the inauguration of new metro lines connecting the suburbs of Mumbai will provide enhanced connectivity, ease of traveling, and reduced travel time. As a result, a rise in homebuying sentiment in the city, especially in the western suburban areas is expected. The area is considered to be one of the most preferred home-buying destinations in Mumbai with Bollywood actors, non-resident Indians, and industrialists vying for properties.