Mumbai prime apartment sales hit record highs

The Navi Mumbai submarket accounted for 22% of the sales in Q2.

High-end apartment sales in Mumbai reached a new peak in Q2 as buyers favoured spacious homes. According to a JLL report, industrialists, high-net-worth individuals (HNIs), executives and celebrities purchased luxury apartments in sought-after locations like Lower Parel, Worli and Bandra.

“The Navi Mumbai submarket led with 22% of the total high-end sales, followed by Western Suburbs II and Thane submarkets. Western Suburbs I, Western Suburbs II and Navi Mumbai submarkets recorded all-time high sales,” the report added.

Here’s more from JLL:

In Q2, 5,697 units were launched in the high-end segment, down by 29% q-o-q, while showing a significant growth of 22% from H1 2023 vs H1 2024. The Western Suburbs II submarket led the quarterly new launches, accounting for 36%.

South Central Mumbai, Navi Mumbai and Western Suburbs I saw an increase in new project launches on a q-o-q basis, while other submarkets experienced a decline. Around 10% of all launches in Q2 fell within the price range of INR 30 to 50 million.

Overall capital values remain stable

Overall capital values remained stable in Q2, while we saw a decent growth of 4% y-o-y as demand remained strong for premium apartments in the city. Navi Mumbai and Eastern Suburbs I recorded the highest price growth among all the submarkets.

Rents strengthened by 1.3% y-o-y, with the Navi Mumbai submarket experiencing the highest growth. This was fuelled by the expansion of commercial properties and infrastructure projects, which led to an increased demand for apartments in that area.

Outlook: Demand for high-end apartments to remain buoyant

The high-end residential market is expected to remain buoyant, propped up by demand from HNIs, NRIs, industrialists and executives. Infrastructure projects will improve connectivity, enabling commuting and new development opportunities.

Prices are expected to rise as new launches occur at higher prices. Strong sales will support developers as they increase prices for successful projects. Capital values are anticipated to grow at a faster pace y-o-y.

Note: Mumbai Residential refers to Mumbai's prime residential market.