1.5 BHK flats in Central Mumbai

Mumbai is one of the leading cities for residential real estate, with a high property demand in India. In fact, the first 3 months of 2023 saw a 39% growth in property sales in Mumbai, despite repo rate hikes and implementation of 1% metro cess. 

The key reason for demand in flats for sale in Mumbai is the immense consumer demand here. The Western & Central suburbs usually lead in the demand and sales, followed by Thane, Navi Mumbai, and South Mumbai.

As per a Knight Frank report, at least 48 to 50% of real estate sales are in the affordable market, with sales under ₹50 lakhs. The sales have also significantly risen in the ₹50 lakhs to ₹1 Crore range in recent months. 

Developers too have risen to meet the growing housing demand by launching projects, with the second half of 2022 seeing a 29% growth in new project launches. Most of these launches were in the Western & Central markets along with Thane. 

The supply range is ample across all configurations, from 1 to 4 BHK. In the last half of 2022, the Western suburbs supply was mostly 2 and 3 BHK flats, while South Bombay majorly featured 2 and 2.5 BHKs. The Central suburbs saw an equal distribution of the supply, while the rest of the suburbs had a larger number of 1 and 1.5 BHK flats. 

Overall, the age of old inventory has decreased as well, and the consumer sentiment is driving the residential real estate sales in Mumbai.