Mumbai's Real Estate Market: A Tale of Wide Price Range and Affordability Concerns

Strategic Insights -

Mumbai's real estate market is known for its high demand and premium living standards, with apartments costing anywhere from Rs.15,000 to Rs.70,000 per sq ft in suburban areas and up to Rs.2 lakh per sq ft in prime locations. The city is divided into four geographies, with South Mumbai, western suburbs, eastern suburbs, and Central Mumbai being the major areas. The prices of 3 BHK apartments in these regions vary significantly, with options ranging from Rs.3 crore to Rs.30 crore.

Key Takeaways:

  • The Mumbai real estate market offers a wide range of prices for 3 BHK apartments, from Rs.15,000 to Rs.70,000 per sq ft in suburban areas and up to Rs.2 lakh per sq ft in prime locations.
  • The city is divided into four geographies: South Mumbai, western suburbs, eastern suburbs, and Central Mumbai, with prices varying significantly across these regions.
  • In suburban areas like Dahisar, Borivali, and Ghatkopar, 3 BHK apartments cost between Rs.3 crore to Rs.7 crore, while prime spots like Juhu, Bandra, and South Mumbai command prices that can go as high as Rs.30 crore.
  • According to Knight Frank India, nearly 96% of the 47,035 primary housing units sold in the Mumbai Metropolitan Region (MMR) during the first half of 2025 were priced below Rs.5 crore.
  • Homes priced at Rs.5 crore and above were primarily purchased by upgrade buyers seeking larger and more premium residences.
  • In 2024, 50% of properties registered with Maharashtra Real Estate Regulatory Authority (Maharera) in the Mumbai real estate market were smaller than 650 sq ft, with nearly 60% comprising 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, according to MahaRERA data.

Statistics:

  • 47,035 primary housing units sold in the Mumbai Metropolitan Region (MMR) during the first half of 2025.
  • 96% of the 47,035 primary housing units sold in the MMR were priced below Rs.5 crore.
  • 30,333 units sold in the sub- Rs.1 crore segment in Mumbai, leading all cities.
  • 50% of properties registered with Maharashtra Real Estate Regulatory Authority (Maharera) in the Mumbai real estate market were smaller than 650 sq ft in 2024.
  • 36,274 of the 63,244 units registered in the calendar year 2024 were 1 BHK and 2 BHK apartments, according to MahaRERA data.

Sources:

  • Knight Frank India
  • Maharashtra Real Estate Regulatory Authority (Maharera)
  • Hindustan Times