Mumbai Real Estate in Overdrive: Jogeshwari-Borivli Tops Flat Sales in FY 2024

Mumbai Real Estate in Overdrive: Jogeshwari-Borivli Tops Flat Sales in FY 2024–25

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Mumbai’s residential market has once again broken records in financial year 2024–25, fueled by remarkable activity in its far-flung suburbs and a steady appetite for luxury in South Mumbai. According to the latest Liases Foras survey, the city witnessed a 26% surge in unit sales—49,191 apartments changing hands for a record ₹1,24,138 crore—while unsold inventory shrank by 11%, down to 84,197 units worth ₹2,57,383 crore. From the price-efficient western suburbs to the ultra-premium Colaba–Worli belt, this blog unpacks the trends, figures, and takeaways shaping Mumbai’s property landscape.

Jogeshwari-Borivli: The New Powerhouse

The distant western belt stretching from Jogeshwari to Borivli emerged as the breakout star in FY 2024–25. With 879 unique projects spearheaded by 588 builders, this corridor logged the highest flat sales in Greater Mumbai, racking up over ₹40,000 crore in transactions. Homebuyers gravitated to this micro-market for its unbeatable value proposition: new supply totaled 40,306 units—a 1% uptick year-on-year—and despite a hefty 37,214 unsold units sitting on the shelf, brisk sales cut down the inventory overhang to 22 months. Affordability plus market depth have cemented Jogeshwari-Borivli’s status as the city’s most active suburban hotspot.

South Mumbai’s Luxury Stronghold

By contrast, Mumbai’s traditional heart—Colaba to Worli—remains the province of ultra-premium apartments. Although only 169 projects launched here in FY 2024–25, they commanded staggering values of around ₹22,500 crore. These projects boasted the steepest prices per square foot, with the base ranging from ₹13,300 to ₹1,80,000. The Colaba–Worli belt alone accounted for 1,199 flats priced above ₹20 crore, highlighting the unremitting demand for trophy homes. Even with an overall higher unsold luxury stock in the city, South Mumbai’s elite segment shows little sign of slackening.

City-Wide Sales and Inventory Dynamics

Across all micro-markets, Mumbai recorded its best-ever yearly performance: 49,191 units sold, up 26% from FY 2023–24, collectively valued at ₹1,24,138 crore. Meanwhile, total unsold inventory dipped by 11%, from 94,604 units to 84,197 units, with an overall overhang of 20 months—a marked improvement from the 60-month peak of FY 2016–17. The median price of a Mumbai home climbed 6% to ₹27,500 per sq ft, underscoring steady appreciation even as new launches fill the pipeline.

Price Bands and Buyer Profiles

Digging deeper into the unsold supply, the mid-segment remains dominant: 39% of unsold flats fall in the ₹1 crore–₹2 crore bracket, appealing to the city’s burgeoning salaried class. Another 30% occupy the ₹2 crore–₹5 crore range, typically purchased by dual-income households seeking larger layouts or premium amenities. High-end units above ₹5 crore make up roughly 10% of unsold stock, with the ultra-luxury segment (flats over ₹20 crore) constituting about 1,400 units—nearly all concentrated in South Mumbai.

Central Suburbs: Balance of Growth and Inventory

The central corridor—encompassing areas like Dadar, Bandra, and Kurla—delivered a balanced performance. With 714 projects and 18,082 units sold, this zone witnessed an 18% jump in sales over the prior year. Inventory overhang here stands at 16 months, the lowest among all major zones, signaling efficient absorption and steady demand. Buyers in these well-connected micro-markets appreciate the blend of city-centre proximity and comparatively moderate pricing.

What Drives the Suburban Boom?

Several factors underpin the surge in Jogeshwari-Borivli and central suburbs:

1. Affordability: Western suburbs deliver more carpet area per rupee than core city locations.

2. Infrastructure Upgrades: Metro extensions, expressway improvements, and upcoming civic amenities attract homebuyers.

3. Developer Confidence: A 1% rise in new launches to 40,306 units indicates sustained builder interest.

4. Lifestyle Offerings: Modern township projects with clubhouses, green spaces, and retail integration resonate with end-users.

Luxury Keeps Pulling Premium Prices

Despite suburban growth, South Mumbai’s luxury segment continues to defy gravity. Buyers here prize exclusivity, waterfront views, and heritage neighbourhoods—properties that retain capital appreciation and rental yield advantages. The presence of over 1,199 flats above ₹20 crore in Colaba–Worli underscores unwavering demand for the city’s most prestigious addresses.

Inventory Overhang: The Road Ahead

With a city-wide overhang of 20 months, Mumbai’s market has rebounded impressively from its 2016–17 trough. Yet, developers and investors will continue to watch the mid-to-high price bands closely. Mid-budget homes (₹1 crore–₹2 crore) and affordable luxury (₹2 crore–₹5 crore) sectors represent the largest unsold pools, inviting targeted marketing, flexible payment plans, and occasional price corrections to maintain momentum.

Key Takeaways for Homebuyers and Investors

Suburban Value: Jogeshwari-Borivli offers strong resale potential backed by infrastructure roll-out.

Central Stability: Areas like Bandra and Dadar combine connectivity with balanced pricing.

Luxury Resilience: South Mumbai’s trophy homes remain a hedge against long-term inflation.

Inventory Trends: A 20-month overhang indicates a healthier market but calls for strategic buying—mid-segment units may yield quicker turnovers.

Conclusion

Mumbai’s FY 2024–25 real estate performance showcases a dynamic duality: robust suburban growth led by Jogeshwari-Borivli and enduring luxury demand in South Mumbai. With overall sales up 26%, inventory down 11%, and median rates rising 6%, the market has reasserted its resilience post-pandemic. As civic infrastructure and township developments continue to evolve, homebuyers and investors alike will find a breadth of opportunities—from value-driven flats in the western belt to premium addresses overlooking the Arabian Sea. Whether you seek affordability, connectivity, or luxury, Mumbai’s diverse micro-markets are poised to meet varied aspirations in the years ahead.