The Mumbai real estate market is showing a positive growth trajectory heading into 2025, following a strong performance in 2024, which saw over 1.41 lakh property registrations. Experts predict that the market will continue to expand steadily in 2025. According to Knight Frank India, a leading real estate consultancy, the most sought-after areas for buying apartments in Mumbai remain the western and central suburbs.
In December 2024, the western suburbs accounted for over 53% of property registrations. Popular localities such as Borivali, Kandivali, Malad, Goregaon, and Dahisar contribute significantly to the demand. First-time homebuyers can expect to find a 1 BHK apartment in these areas for ₹1 crore to ₹1.50 crore, making it an attractive option for those seeking affordable properties in Mumbai.
The central suburbs, including Mulund, Bhandup, Vikhroli, Kanjurmarg, and Ghatkopar, also remain in high demand. These areas accounted for 33% of property registrations in December 2024. Residential properties in these locations are priced between ₹20,000 and ₹50,000 per square foot, with rental values for 2 BHK apartments ranging from ₹35,000 to ₹70,000 per month.
Thane, a satellite city near Mumbai, has emerged as a premium location within the Mumbai Metropolitan Region (MMR). The city has seen an increase in property prices, with residential properties ranging from ₹15,000 to ₹17,000 per square foot. Thane’s appeal lies in its excellent social infrastructure, metro connectivity, and availability of affordable 2 BHK apartments under ₹1 crore.
Navi Mumbai, with its booming real estate market, has experienced significant growth in areas like Ulwe, Dronagiri, Panvel, and Kharghar. The upcoming Navi Mumbai International Airport (NMIA) and Atal Setu infrastructure project have contributed to a rise in property prices, ranging from ₹10,000 to ₹20,000 per square foot, with rental prices for a 2 BHK apartment between ₹20,000 and ₹50,000.
Lastly, Vasai-Virar, located on the outskirts of Mumbai, is set to benefit from improved connectivity through upcoming metro lines and the coastal road. This is expected to drive residential sales in 2025. Property prices in this area are more affordable, with rates around ₹10,000 per square foot, and rents for a 2 BHK apartment range from ₹10,000 to ₹20,000 per month.
As the Mumbai Metropolitan Region continues to expand, these areas will remain key locations for homebuyers in 2025.
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