Mumbai Records Unprecedented Growth in Office Leasing and Residential Sales for 2024
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Mumbai, Jan 7 (NationPress) The city has achieved a remarkable peak in both office leasing and residential demand, leading all metros last year. This surge is attributed to the ongoing interest in premium housing and significant infrastructure initiatives, as reported on Tuesday.
The financial hub recorded an unprecedented level of office transaction volumes in 2024, reaching 10.4 million square feet, which represents a 40 percent annual increase from the 7.4 million square feet seen in 2023, according to a report by Knight Frank India.
During the second half of 2024, office space transactions in Mumbai totaled approximately 4.6 million square feet, showcasing a 9 percent growth. Transactions driven by India-facing businesses accounted for the majority, contributing about 77 percent to the total in 2024.
Additionally, Mumbai welcomed 5.8 million square feet of new office supply in 2024, reflecting an 89 percent year-on-year increase compared to the previous year.
Viral Desai from Knight Frank India noted that occupier sentiment remained robust, supported by a thriving economic environment, increased physical occupancy, and crucial infrastructure developments.
“The rollout of essential metro lines, including the BKC metro, has significantly improved accessibility, making Mumbai’s office market increasingly appealing to occupiers. The city’s office leasing sector is poised to maintain its upward trajectory in 2025, driven by diverse occupier needs, infrastructure-led growth, and developer optimism regarding the city’s long-term prospects,” Desai stated.
Mumbai also maintained its status as the largest residential market in India, recording sales of 96,187 primary residential units in 2024, marking a 13-year high with an 11 percent increase. In the second half of 2024 alone, 48,928 units were sold, reflecting a 6 percent year-on-year increase.
In 2024, the average residential prices increased by 5 percent year-on-year compared to 2023. The continued interest from buyers supported this price growth, maintaining the momentum.
With transformative infrastructure projects like the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link (MTHL), the city continues to solidify its position as the country’s leading real estate market, according to the report.
Gulam Zia from Knight Frank India stated that Mumbai’s residential market is experiencing steady growth, fueled by persistent demand for premium housing and transformative infrastructure projects that have significantly improved connectivity, thereby stimulating demand in suburban regions.
