Mumbai’s real estate sector has witnessed an exceptional year, with the Jogeshwari-Borivli stretch in the western suburbs outperforming all micro-markets in terms of flat sales value and volume. With affordability, efficient pricing, and high project activity, this suburban belt has become the focal point of homebuyer demand, contributing significantly to the city’s record-breaking performance.
Western Suburbs Dominate with ₹40,000 Crore in Sales
In FY 2024–25, the stretch between Jogeshwari and Borivli emerged as the epicenter of real estate activity:
- 879 projects were launched by 588 developers in the region.
- 18,319 flats were sold, amounting to ₹40,083 crore in value.
- This marked a 39% increase in sales value from the previous year.
- Despite strong sales, the area had an inventory overhang of 22 months with 37,214 unsold units.
Price efficiency made this belt a magnet for end-users, especially when compared to Mumbai’s high-end micro-markets like South Mumbai.
South Mumbai Holds Value, But at a Premium
While South Mumbai (Colaba to Worli) continues to command India’s priciest real estate, its performance was more modest in comparison:
- Only 169 projects were active.
- Flat sales reached ₹22,500 crore.
- Home to 1,199 ultra-luxury flats priced above ₹20 crore.
- Still holds the steepest price per sq. ft, going up to ₹1.8 lakh.
Despite fewer transactions, this zone remains the preferred location for luxury seekers.
Citywide Overview: Mumbai Achieves Record Sales
According to the Liases Foras survey, Mumbai recorded its highest-ever real estate sales in FY 2024–25:
- 49,191 units sold, totaling ₹1,24,138 crore in value.
- This is a 26% growth over the previous fiscal.
- The median property price rose 6% YoY to ₹27,500 per sq. ft.
- Unsold inventory declined 11% to 84,197 units, now valued at ₹2,57,383 crore.
- Inventory overhang dropped sharply to 20 months, down from 60 months in FY 2016–17.
“Robust sales momentum has significantly reduced the inventory overhang to 20 months, a dramatic improvement from the peak of 60 months in FY 2016–17,” said Pankaj Kapoor, Founder of Liases Foras.
Central Suburbs Show Strong Growth
Not far behind, Mumbai’s central suburbs also delivered impressive numbers:
- 714 projects, resulting in 18,082 units sold.
- Sales grew 18% YoY.
- The least inventory overhang in the city at just 16 months, with 24,746 unsold units.
This region is balancing affordability and demand, making it increasingly attractive for mid-segment buyers.
Summary Table: Mumbai Real Estate Highlights FY 2024–25
| Region | Projects | Units Sold | Sales Value (₹ Cr) | Inventory Overhang | Unsold Units |
|---|---|---|---|---|---|
| Jogeshwari-Borivli | 879 | 18,319 | ₹40,083 | 22 months | 37,214 |
| Central Suburbs | 714 | 18,082 | Not specified | 16 months | 24,746 |
| Colaba to Worli | 169 | Not stated | ₹22,500 | Not stated | Not stated |
| City Total | – | 49,191 | ₹1,24,138 | 20 months | 84,197 |
FAQs
1. Why is the Jogeshwari-Borivli belt seeing such high sales?
This region offers price efficiency and a wide selection of new projects, making it attractive to end-users looking for affordability in Greater Mumbai.
2. What is the inventory overhang in Mumbai?
The overall inventory overhang in Mumbai has decreased to 20 months, a significant improvement from 60 months in FY 2016–17.
3. How does South Mumbai compare in sales and pricing?
South Mumbai recorded ₹22,500 crore in sales with premium pricing. It had the highest per sq. ft. prices and the largest number of ultra-luxury flats over ₹20 crore.
4. What percentage of unsold inventory is in the ₹1–2 crore range?
About 39% of Mumbai’s unsold units fall in the ₹1 crore to ₹2 crore range, reflecting strong demand in the mid-income segment.
5. What is the median property price in Mumbai now?
The median price in Mumbai stands at ₹27,500 per sq. ft, showing a 6% year-on-year increase.