Research

India | 2024

jll.co.in

Mumbai Residential Market

Through the lens of time
Mumbai Residential Market

Foreword
The residential market of Mumbai has been a cornerstone At NAREDCO, we are committed to supporting and fostering
of India’s real estate sector and is paving the way to become growth in India’s real estate sector by providing a platform
global beacon of progress and innovation. for the government, real estate industry, and the general
public to find effective solutions to the challenges faced by
The city’s evolution as a prime market has been deeply
the sector. This report serves as an invaluable resource for
intertwined with the progress made in building its
all stakeholders, charting the city’s transformation. Providing
infrastructure, with sustainable development initiatives
a blend of historical context, current market dynamics,
taking precedence over the last few years. With an elaborate
and future projections, it offers layers of data and analysis,
overhaul spanning road, railways and other transit networks,
that can be used to collectively steer the industry towards
the city has witnessed enhanced connectivity to nearby
informed decisions and sustainable growth.
regions, fostering economic growth and improved quality of
life for residents. I extend my sincere gratitude to JLL for this meticulous
research. I am confident that this report will serve as
In this report, we delve in the Mumbai residential
a catalyst for innovation, collaboration, and progress,
landscape, decoding its nuances and shedding light on
fostering a sustainable real estate ecosystem in the
present and future trends, pivotal developments and
city. Together, let us embrace the transformative power
prospects for growth.
of these developments and continue to navigate this
We showcase the city’s resilience and ability to adapt dynamic landscape with foresight, resilience, and a
amidst regulatory changes and global upheavals, with commitment to excellence.
the implementation of key policies like Maharashtra’s
Development Control and Promotion Regulations
(DCPR 2034) and the Maharashtra IT/ITES Policy 2023
helping maximise development potential and incentivise
redevelopment projects. We also address the challenges
posed by limited greenfield opportunities.

This report highlights how Mumbai is not only historically

significant but also future-ready. With new development
currently in the pipeline, the city foresees reduced travel
times, decongested networks, and optimised living spaces.
With this forward-looking perspective, Mumbai will continue
to remain an attractive option for investors, developers, and
homebuyers alike.
Prashant Sharma
With comprehensive infrastructural plans, Mumbai’s aim
President - NAREDCO Maharashtra
to become a global services hub seems well within reach.
Chairman - GHP Corp
The city’s real estate market has been buoyant and has
contributed a significant share to the country’s residential
launches and sales.

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Mumbai Residential Market

Preface
India stands on the brink of an infrastructure resurgence Due to limited greenfield development opportunities
with the union government undertaking an ambitious in prime city areas, redevelopment has also emerged
agenda to revamp the nation’s physical landscape. The goal as a crucial approach for developers. Infrastructure
is to spur economic growth, bolster connectivity and elevate improvements in city zones are driving redevelopment
the quality of life for its citizens. In alignment with these prospects in densely populated residential districts.
objectives, the Maharashtra government has demonstrated
Against this backdrop, Mumbai has firmly established
a strong commitment to sustainable and holistic
itself as a leading contributor to pan India residential
infrastructure development. Mumbai, often referred to as
launches and sales. It currently holds the title for the
the financial capital of India, is undergoing a comprehensive
largest residential market by sales value. By end 2024, the
transformation as the state government embarks on a
sales value in Mumbai is expected to reach over INR 1.35
journey to transform the city into a global services hub. By
lakh crore, setting a new milestone for the city. In a bid to
investing in infrastructure projects that promote economic
shape the future of the residential real estate landscape,
growth and enhance connectivity, Mumbai is paving the way
developers in Mumbai have successfully acquired more than
for a more prosperous future.
260 acres of land for future residential projects, through
Mumbai’s infrastructure investment took a significant turn outright purchase or joint development agreements. This
post 2016, as the focus shifted towards a more holistic translates to a development potential of ~42-48 mn sq ft.
approach. This inclusive development extended beyond the
By delving deep into the factors outlined, this report
city limits and reached the sister cities of Thane and Navi
endeavors to provide investors, developers and
Mumbai. As a result, there has been a discernible growth in
stakeholders with invaluable perspectives on the multitude
the northward and eastward directions. This was facilitated
of opportunities available in Maharashtra’s ever-evolving
by the establishment of transit networks connecting the
real estate market.
suburbs to the main city hubs.

Projects like the operational Mumbai Metro lines, the

Mumbai Trans Harbour Link and the partial completion
of the Coastal Road have enhanced accessibility to
employment centers. The government’s investment in
multi-modal connectivity projects has been a game-changer
for Mumbai. Over the next 5-6 years, comprehensive
infrastructure development is anticipated to usher in a
new era in public transportation. By integrating different
modes of transportation such as road, rail and ports,
Mumbai will be able to further alleviate congestion and
improve transportation efficiency to a greater extent. It
will significantly improve connectivity between the main Karan Singh Sodi
city, suburbs, residential areas and commercial hubs. Senior Managing Director, Mumbai
Additionally, these developments will bridge the gaps in the MMR & Gujarat Head - Alternatives, India
current suburban rail system, ensuring better connectivity to
underserved areas.

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Mumbai Residential Market

Overview of
Mumbai

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Mumbai Residential Market

Demographic profile
Young population with low dependency ratio

Key demographic indicators, 2023

Median Age Group 25-29 years

Male : Female Ratio 54:46

Population (2023) 19.37 million

Population Growth
1.1%
CAGR (2015 – 2030)

No. of households 4.81 million

Average Household Size 4.03 persons

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city

and Navi Mumbai
Source: Oxford Economics, JLL Research

Population (in million)

2023
20.70
19.37
• Mumbai experienced its highest
19.76 decadal population growth rate
between 2001 and 2011​
18.89 • Going forward, the growth rate in
population is expected to moderate​
17.87 • ~74% of the population is in the
working age group (15 – 64 years)​

• Importantly, the dependency ratio

is low at 34% and the population
is relatively young with only 7% of
individuals over 64 years in age
2015 2020 2025F 2030F

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Mumbai Residential Market

Economic profile
Financial capital of India

At a glance

GDP
INR 11.7 trillion
(2023: current prices)

Household disposable Income

INR 1.3 million
(2023: current prices)

Total employment 6.7 million

Real GDP growth

8.1%
7.1% 6.9% 7.2% 6.8%
6.6% 6.6% 6.4% 6.2%

3.1%
2.6%

2019 2020 2021 2022 2023 2024E 2025F 2026F 2027F 2028F 2029F 2030F

-10.1%

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Oxford Economics, JLL Research

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Mumbai Residential Market

GDP structure, 2023

3%
8% 17%
• Mumbai is the financial capital, an
8%
economic powerhouse and one of the key
industrial hubs of India. It hosts a number
of large financial institutions. The city’s
10% 15%
financial sector benefits from a favourable
ecosystem enabled by the presence of the
Reserve Bank of India, the Bombay Stock
12% Exchange, as well as the Securities and
14% Exchange Board of India.
13%
• Strength of the city lies in its diversified
economic base, with sectors such as
business services, trade and transport,
Business services Trade, transport & storage manufacturing, BFSI and IT being the
Manufacturing Finance & insurance major job creators and economic drivers.
As India’s financial centre, Mumbai
Public services ICT
represents the country’s rapid economic
Construction Agriculture, mining & utilities
development with 40% of Indian taxpayers
Hospitality & other services residing in Mumbai.

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Oxford Economics, JLL Research

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Mumbai Residential Market

Income and expenditure profile

Household disposable income amongst the highest compared to other cities in India

Household disposable income trends (in INR million)

2.54
2.32
2.11
1.91
1.73
1.56
1.40
1.28
1.18
0.99 1.06
0.96 0.91
0.81 0.87
0.74

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025F 2026F 2027F 2028F 2029F 2030F

Distribution of consumer spending

Food & non-alcoholic beverages 21%

Housing, water, electricity, gas 20%
Transport & vehicle purchases 19%
Other goods & services 13%
Education 5%
Health goods & services 5%
Household furnishings 4%
Clothing and footwear 4%
Communication 3%
Restaurants & hotels 2%
Alcoholic beverages, tobacco 1%
Recreational and cultural 1%

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Oxford Economics, JLL Research

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Mumbai Residential Market

Distribution of households by disposable income band

1%
6%
• Household disposable income
11% in Mumbai is among the
33% highest compared to all cities
in India. In 2023, Mumbai’s
household disposable income
stood at INR 1.28 million, which
is significantly higher than the
23% average household disposable
income in India, which stood at
INR 0.65 million

• Also, more than 60% of the

26% household spending is on
necessities like housing,
food and transport

<INR 0.4 mn INR 0.4 mn - 0.8 mn INR 0.8 mn - 1.6 mn

INR 1.6 mn - 2.8 mn INR 2.8 mn - 5.6 mn >INR 5.6 mn

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Oxford Economics, JLL Research

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Mumbai Residential Market

Residential market highlights

India’s premier residential market by sales and new launches

One of the leading residential markets with high

volume of project launches and robust sales
1
Around 25% of new launches and 22% of overall sales in
India during 2022-H1 2024 were contributed by Mumbai

Largest residential market in terms of sales value

2 Residential sales value during 2022 – H1 2024 at more than
INR 2.8 lakh crore, ~31% of the total residential sales value
in India’s top seven markets

Expected time to liquidate unsold inventory decreased

by ~47%
3 In June 2024, the months to sell (MTS) of the unsold inventory
stands at ~31 months, a sharp decline from ~58 months
in March 2022

Note:
• India’s top 7 markets include Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai & Pune; Mumbai includes Mumbai city, Mumbai suburbs, Thane
city and Navi Mumbai
• Residential sales value is estimated based on the primary market
• MTS i.e., Months to Sell is the estimated number of months it will take to liquidate the unsold inventory considering the rolling 32-month average
sales of the city
Source: JLL Research

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Mumbai Residential Market

Key
Submarket
Residential Clusters

Mahalaxmi,
1 South Mumbai
Worli, Prabhadevi

Byculla,
2 Central Mumbai
Chembur, Matunga

Bandra,
3 North Mumbai
Juhu, Santacruz

Western Andheri,
4
Suburbs I Goregaon, Vile Parle

Western Malad,
5
Suburbs II Kandivali, Borivali

Eastern Mulund,
6
Suburbs Vikhroli, Ghatkopar

Ghodbunder
7 Thane
Road, Kolshet Road

Airoli,
8 Navi Mumbai
Vashi, Panvel, Ulwe

Note: Check Annexure for detailed submarket definition

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Mumbai Residential Market

Structural
Measures to
support the Real
Estate Sector

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Mumbai Residential Market

Development Control and

Promotion Regulations
Increased development potential across markets

Key parameters DCPR 2034 UDCPR

Development Control and Unified Development Control
Promotion Regulation and Promotion Regulation

FSI For Island City: The total FSI increases For Thane: The total FSI increases
with the increase in width of the access with the increase in width of the access
road. The maximum total FSI has now road. The maximum total FSI has now
increased up to 4.05 (50% more than increased up to 4.05.
prior to DCPR 2034)
For Navi Mumbai: The total FSI
For Suburbs: The total FSI increases increases with the increase in width of
with the increase in width of the access the access road. The maximum total FSI
road. The maximum total FSI remains has now increased up to 4.05.
unchanged and is up to 3.375.

Infrastructure By Linking the Permissible FSI to road The inclusion of public parking lots
width, along with the provision of near metro stations will improve public
incentive FSI has led to infrastructure transport accessibility in Thane, thereby
development resulting in a greater leading to infrastructure development.
quantum of land acquisition for For Navi Mumbai, the introduction
widening of roads and provision of of TDR and premium FSI which were
other amenities. not there previously has also led to
infrastructure development.

Additional Development Opportunity With the increase in total FSI, many The UDCPR regulations also cover
redevelopment opportunities like redevelopment policies to ensure
Cluster Development (33/9), Housing aging or dilapidated structures are
Society redevelopment (33/7(b)) rejuvenated by providing incentive on
and SRA redevelopment under DCR FSI for redevelopment buildings, leading
33/11 have led to greater potential for to a greater development opportunity
dense development.

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Mumbai Residential Market

Maharashtra IT/ITES Policy 2023

Elevate Maharashtra’s status as the foremost technology hub in India

Key Features of Maharashtra IT Policy 2023

Focus on data centers:

The government will designate specific land parcels for development as Data Centre Parks, particularly in MIDC industrial
regions. The policy now grants industrial and infrastructure status, exempts the sector from conventional parking regulations,
permits qualifying units to obtain renewable energy through open access, and permits the development of captive power
plants for data center parks.

Additional Floor Space Index (“FSI”) limit to all IT Parks

shall be applicable as per the below table or as per local Development Control Regulations (“DCR”) norms, whichever is higher,
excluding agricultural zone, non-development zone or any other special zone, where maximum additional floor space index
shall remain applicable as per the prevailing DCR:

Minimum Road Width Maximum permissible FSI in Maximum permissible FSI in Rest
Greater Mumbai of Maharashtra

12 m Up to 3 Up to 3

18 m Up to 4 Up to 3.5

27 m Up to 5 Up to 4

The increasing commercial development in Mumbai’s suburbs and peripheral locations signifies the presence of opportunities
for commercial growth in these areas. This, in turn, enhances economic activity within those regions. The improved
infrastructure not only enables the expansion of commercial developments but also facilitates better connectivity between
peripheral corridors and the economic center, leading to widespread development.

The 2023 Policy has undergone a transformation in alignment with global economic trends and the vision of the Maharashtra
government, with the overarching aim of boosting the performance of the Information Technology (IT) and Information
Technology Enabled Services (ITES) sector. The strategic drivers of the 2023 Policy encompass several crucial elements.
These include the establishment of a unified single window system catering to all segments of the IT and ITES industry, the
decentralization of IT and ITES activities across different regions of Maharashtra, the provision of additional floor space index
(FSI) for IT Parks, and a range of fiscal and non-fiscal incentives designed specifically for IT/ITES units and data centers. The
implementation of these drivers will pave the way for positioning Maharashtra as the preeminent technology hub of India.

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Mumbai Residential Market

Mumbai’s
journey through
time: the Past,
the Present,
and the Future

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Mumbai Residential Market

Relevant time-periods considered

for analysis

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Period considered for RERA Period considered for

NBFC Crisis Covid Covid analysis
analysis
1st wave 3rd wave
GST Covid
2nd wave
Demonetization

• The years 2016-2018 witnessed the implementation of key policies and reforms such as RERA and GST, aimed
at introducing greater transparency in the real estate sector. However, these reforms initially faced some
challenges as developers needed time to adapt to the structural changes and new regulations. Consequently,
there was a noticeable slowdown in the residential market during this period

• While the residential market showed signs of recovery in 2019 following the shadow banking crisis of 2018,
this improvement was short-lived due to the unprecedented impact of the COVID-19 pandemic in 2020. The
pandemic significantly dampened sales and resulted in a decrease in new project launches

• The residential market witnessed a resurgence in 2022 with phenomenal increase in both sales and launches
and the high growth momentum is continuing in 2024 as well

• Therefore, for the purpose of analysis, this report will consider the period from 2014 to 2016 and the post-
pandemic period of 2022 to the first half of 2024

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Mumbai Residential Market

Residential sales and new

launches continue to be on a
high growth curve
Mumbai’s contribution to India’s residential market activity has increased

Mumbai’s
Time period India Mumbai
% share in India

2014 - 2016 546,646 94,263 17%

Launches
(No of units)
2022 - H1 2024 701,134 177,771 25%

2014 - 2016 470,437 84,759 18%

Sales
(No of units)
2022-H1 2024 642,351 139,926 22%

Residential sales value in 2024 projected to reach unprecedented levels

Sales Value (INR crore)

135,000+
117,243
99,644

69,453 67,005
61,930
55,772
47,608 44,052 45,350 48,903

25,064

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 2024E

Note:
Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Residential sales value is estimated based on the primary market
Source: JLL Research

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Mumbai Residential Market

• Mumbai’s residential market has immensely benefited from the exemplary enforcement of MahaRERA.
The market witnessed a strong recovery in sales as well as new launches with 2022 numbers reaching
historic high levels

• The momentum continued in 2023 with activity levels reaching another milestone. Furthermore, H1 2024
recorded highest ever half yearly sales with the sales value already at ~57% of the total in 2023

• Resultantly, Mumbai’s contribution to India’s residential market activity has increased and stands at ~25% of
new launches and 22% of overall sales during 2022 to H1 2024

• In terms of residential sales value, Mumbai breached the INR 1 lac crore mark in 2023 and in 2024, we expect
the sales value to surpass INR 1.35 lac crore

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Mumbai Residential Market

The Past
Mumbai in 2016

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Mumbai Residential Market

Infrastructure landscape in 2016

East-West connectivity was a challenge

W Western Railway (Local)

7
C Central Railway (Local)

H Harbour Railway (Local)

1 Metro Line 1 :
W
Versova – Andheri–Ghatkopar
C

1 Eastern Freeway

4 8
2 Eastern Express Highway
6
H
1 3 Bandra Worli Sealink

9 4 Western Express Highway

5
5
5 SCLR (Santacruz Chembur Link Road
C
W
3 2 6 JVLR (Jogeshwari Vikhroli Link Road)
1

7 Ghodbunder Road

8 Mulund – Airoli Bridge

9 Thane Belapur Road

International Airport

• Real estate development in Mumbai had its origins in • While the suburban rail network provided north-south
the southern parts of the city and gradually expand- connectivity, east-west connectivity remained a challenge.
ed towards the north and east. The construction of This led to traffic congestion during peak hours
suburban railway lines, along with the Western Express
• Transit infrastructure initiatives like Metro Line 1 and the
and Eastern Express Highways, played a significant role
SCLR, which became operational in 2014 were aimed at
in accelerating residential development along these
boosting east-west connectivity in the city. The Eastern Free-
transportation corridors.
way became operational during the same year reducing the
• By 2016, the centers of activity had already shifted to travel time between South Mumbai and Central Mumbai
the suburban markets in the north and east of Mumbai. • With the development of prominent infrastructure networks
The availability of land, improved connectivity and the connecting the suburbs and peripheral markets to the main
increasing demand for housing in these areas drove city areas, the northward and eastward growth of Mumbai
this shift city accelerated significantly

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Mumbai Residential Market

Markets driving activity: 2014-16

Peripheral markets and Eastern suburbs dominate residential activity

Ghodbunder Road

Kolshet Road
2
Pokhran Road Balkum

Mulund (W)

Bhandup (W)

Kanjurmarg (E)
3
Ghatkopar (W)

Kharghar

1
Panvel

Ulwe

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Mumbai Residential Market

Top 3 submarkets have a combined share of >60% in launches and sales

Share of Share of
# Submarket Leading corridors Top price segments
launches sales

Up to INR 30 lakh
1 Navi Mumbai 25% 27% Panvel, Kharghar, Ulwe INR 30 lakh-50 lakh
INR 50 lakh-1 crore

Ghodbunder Road,
INR 40 lakh-60 lakh
2 Thane 19% 20% Kolshet Road,
INR 60 lakh-1.20 crore
Pokhran Road, Balkum

Mulund (West), Kanjurmarg

INR 60 lakh-80 lakh
3 Eastern Suburbs 18% 17% (East), Bhandup (West),
INR 80 lakh-1.50 crore
Ghatkopar (West)

Source: JLL Research

• Limited land availability in Mumbai city accompanied by infrastructure. The proposed Mumbai Metro Line 4
improved connectivity prompted maximum expansion in (Wadala-Thane-Kasarvadavali) impacted the submarket
residential activity along three zones – Eastern Suburbs positively. Within Thane, the residential pockets of
and the sister cities of Thane and Navi Mumbai Pokhran Road, Kolshet Road, Ghodbunder Road and
• The completion of the Versova-Andheri-Ghatkopar metro Balkum saw major interest from the buyers.
line, Santa Cruz-Chembur Link Road (SCLR), and Eastern
Freeway had a significant impact on the Eastern Suburbs
submarket of Mumbai. These infrastructure projects
provided a boost to the area, resulting in robust sales and
the emergence of new residential launches.
• Navi Mumbai experienced significant positive impacts
from various proposed infrastructure developments at
that time, which contributed to its emergence as a leading
residential market. These included the establishment of
the Navi Mumbai Special Economic Zone (NMSEZ), the
introduction of the Navi Mumbai Metro, the planned Navi
Mumbai airport and the Mumbai Trans Harbour Link
• Thane experienced a surge in popularity as a residential
destination, thanks to its improving social and physical

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Mumbai Residential Market

Markets driving activity: 2014-16

Leveraging infrastructure development for maximum capital value growth

Thane
Average CV (Dec 2016):
INR 16,000 – 21,000

Western Suburbs II
Average CV (Dec 2016):
INR 24,000 – 29,000

Western Suburbs I
Average CV (Dec 2016):
INR 31,000 – 36,000 Eastern Suburbs
Average CV (Dec 2016):
INR 25,000 – 30,000

North Mumbai
Average CV (Dec 2016):
INR 49,000 – 54,000
Navi Mumbai
Central Mumbai Average CV (Dec 2016):
Average CV (Dec 2016): INR 12,000 – 17,000
INR 36,000 – 41,000

South Mumbai
Average CV (Dec 2016):
INR 74,000 – 79,000

Note: Residential Capital Value (CV) figures in INR per sq ft on carpet area
Source: JLL Research
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Mumbai Residential Market

Submarkets that witnessed maximum price appreciation

Corridors with Average CV growth for

# Submarket Average CV growth
maximum CV growth relevant corridors

Panvel, New Panvel,

1 Navi Mumbai 16.0 – 18.5% 25.0 – 28.0%
Airoli, Kalamboli

Jogeshwari, Vile
2 Western Suburbs I 14.5 – 17.0% 20.0 – 23.0%
Parle(West), Andheri(West)

3 Central Mumbai 14.0 – 16.5% Sion, Chembur, Kurla (East), 22.0 – 25.0%

Ghatkopar (West), Kanjurmarg

4 Eastern Suburbs 10.5 – 13.0% 23.0 – 26.0%
(East), Mulund (West)

Source: JLL Research

• Navi Mumbai experienced significant price appreciation

due to increased market activity and sales. Proposed
developments such as the Navi Mumbai Metro, Navi
Mumbai airport, and Mumbai Trans Harbour Link
contributed to the surge in prices
• The operational launch of Metro Line 1, Eastern Freeway,
and SCLR in 2014 resulted in significant capital value
growth between 2014 and 2016 in the influence zones of
these projects. The Western Suburbs I, Central Mumbai,
and Eastern Suburbs submarkets experienced the
maximum benefits from these developments

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Mumbai Residential Market

The Present
Mumbai in 2024

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Mumbai Residential Market

Infrastructure landscape in 2024

Focus on enhancing multimodal connectivity; few prominent projects
became operational

3
W
2A

NM

10 1
2
11
1

5
P

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Mumbai Residential Market

Prominent project completions between

Key Impact Zones
2016 & June 2024

10 MTHL 1 Wadala, Sewri, Panvel, Ulwe, NAINA (MSRDCL SPA region)

2 Mahalaxmi, Marine Drive, Worli, Nepean Sea

11 Coastal Road (Phase 1)
Road, Pedder Road

2A Metro Yellow Line- 2A

3 Goregaon, Malad, Kandivali, Borivali, Dahisar
7 Metro Red Line- 7

NM Navi Mumbai Metro Line 1 4 CBD Belapur, Kharghar, Taloja

P Navi Mumbai Suburban Rail (Port Line) 5 CBD Belapur, Ulwe, Uran, Dronagiri

• From 2016 to 2024, Mumbai experienced notable

expansion towards its suburbs in the north and east,
with a significant emphasis on enhancing multi-modal
connectivity through roadways, metro, and rail networks
within the city
• A few prominent infrastructure projects were completed,
and several are in the under-construction phase
• The completion of the Mumbai Trans Harbour Link
(MTHL), the Navi Mumbai Suburban Rail, and Navi
Mumbai Metro Line 1 has improved Navi Mumbai’s
connectivity to Mumbai city and facilitated seamless
movement within Navi Mumbai, further enhancing its
appeal as a prominent residential market
• Furthermore, these initiatives have led to the regeneration
of key locations in core Mumbai city, creating new
prospects for redevelopment projects
• The commencement of operations for Metro routes 2A
and 7 during this timeframe served as key initiatives to
improve the connectivity of Western Suburbs to other
parts of the city

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Mumbai Residential Market

Markets driving activity: 2022-H1 2024

Western Suburbs II benefits from the commencement of two metro corridors

Ghodbunder Road

Kolshet Road
2
Borivali (E) Balkum
Kandivali (W)
3
Malad (W)

Taloja
Kharghar

1
Panvel

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Mumbai Residential Market

Top 3 submarkets have a combined share of ~60% in launches and sales

Share of Share of
# Submarket Leading corridors Top price segments
launches sales

INR 30 lakh-50 lakh

1 Navi Mumbai 24% 22% Panvel, Kharghar, Taloja
INR 50 lakh-1 crore

Ghodbunder Road, INR 40 lakh-60 lakh

2 Thane 19% 22%
Kolshet Road, Balkum INR 60 lakh-1.20 crore

Malad (West), Kandivali INR 1 crore-1.75 crore

3 Western Suburbs II 17% 15%
(West), Borivali (East) Above 1.75 crore

Source: JLL Research

• As in 2014-16, Navi Mumbai and Thane continued to lead • The ongoing extension of Line 2A to BKC (scheduled
in terms of new launches and sales during 2022-H1 2024 for completion in 2025) and the extension of Line 7
• The completion of significant transit infrastructure (scheduled for completion in 2026) to the airport are
projects such as the Mumbai Trans Harbour Link (MTHL), expected to further improve connectivity and enhance the
the Navi Mumbai Suburban Rail, and Navi Mumbai appeal of this submarket to potential homebuyers
Metro Line 1 has enhanced Navi Mumbai’s connectivity
to Mumbai city and facilitated seamless movement
within Navi Mumbai
• In addition to Kharghar and Panvel, Taloja has emerged
as a leading residential corridor. The opening of Line 1
of the Navi Mumbai metro in 2023, connecting Taloja to
Kharghar and CBD Belapur, has significantly contributed
to the increasing appeal of Taloja for homebuyers
• Interestingly, Western Suburbs II has appeared as one of
the top three submarkets in terms of residential activity
from 2022 to H1 2024. This submarket offers a diverse
range of residential projects and improved accessibility
from various parts of the city: the completion of Metro
Lines 7 and 2A has substantially improved connectivity
between residential clusters in Western Suburbs I and
Western Suburbs II. Moreover, these lines connect
seamlessly with Metro Line 1, enhancing connectivity to
the Eastern Suburbs

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Mumbai Residential Market

Markets driving activity: 2022-H1 2024

Bringing the suburbs and peripheral markets towards price parity

Thane
Average CV (June 2024):
INR 21,000 – 26,000

Western Suburbs II
Average CV (June 2024):
INR 30,000 – 35,000

Western Suburbs I
Average CV (June 2024):
INR 37,000 – 42,000 Eastern Suburbs
Average CV (June 2024):
INR 31,000 – 36,000

North Mumbai
Average CV (June 2024):
INR 56,000 – 61,000
Navi Mumbai
Central Mumbai Average CV (June 2024):
Average CV (June 2024): INR 16,000 – 21,000
INR 42,000 – 47,000

South Mumbai
Average CV (June 2024):
INR 80,000 – 85,000

Note: Residential Capital Value (CV) figures in INR per sq ft on carpet area
Source: JLL Research
30
Mumbai Residential Market

Submarkets that saw maximum price appreciation

Corridors with Average CV growth for

# Submarket Average CV growth
maximum CV growth relevant corridors

1 Navi Mumbai 23.0 – 26.0% Nerul, Seawoods, New Panvel, Taloja 28.0 – 31.0%

Ghodbunder Road,
2 Thane 23.0 – 26.0% 30.0 – 33.0%
Majiwada, Kolshet

Dahisar, Kandivali (East),

3 Western Suburbs II 16.0 – 18.5% 22.0 – 25.0%
Borivali (West)

Vikhroli, Mulund(West), Bhandup

4 Eastern Suburbs 14.5 – 17.0% 21.0 – 24.0%
(East), Ghatkopar(East)

Source: JLL Research

• The completion of key infrastructure projects such as

the Mumbai Trans Harbour Link (MTHL), phase 1 of Navi
Mumbai Metro, and the upcoming airport by 2025 has
significantly contributed to the growth of the residential
market. Prices in the market have surged by over 20% in
the past 2.5 years
• The completion of metro lines 2A and 7 has enhanced
connectivity in residential corridors within Western
Suburbs, leading to a boost in residential price growth in
Western Suburbs II
• With several ongoing projects aimed at improving
East-West connectivity, the Eastern Suburbs
continue to be an attractive destination for both
developers and homebuyers

31
Mumbai Residential Market

The Future
Mumbai in 2030

32
Mumbai Residential Market

Infrastructure landscape in 2030

Towards a multimodal public transit system

Metro Line 2B: DN Nagar (Andheri West) –BKC-Mankhurd

2B
13
(2025)
10 3 Metro Line 3: Colaba – Bandra – SEEPZ (2024 & 25)
Phase 1 : Bandra – Seepz (Sep 2024)
9
5
Phase 2 : Colaba – Bandra (Mar 2025)
15 4 Metro Line 4: Wadala to Kasarvadavali (2026)
17
10 Metro Line 10: Gaimukh – Shivaji Chowk /Mira Road (2028)
W
5 Metro Line 5: Thane to Kalyan (Phase 1: 2026)
T 12 Metro Line 12: Kalyan – Dombivali – Taloja (Planning stage)
14

16 6 Metro Line 6: Lokhandwala to Vikhroli (2026)

4
14 7A Metro Line 7A: Extension to Airport (2026)

6 8 Metro Line 8: Andheri Airport to Proposed Navi Mumbai

H 12
Airport (In planning phase)
7A
9 Metro Line 9: Dahisar to Shivaji Chowk (2026)
12
13 Metro Line 13: Shivaji Chowk to Virar (In planning phase)

2B 14 Metro Line 14: Vikhroli to Badlapur (In planning phase)

8

11 Metro Line 11: Wadala- Byculla –CSMT (2030)

T Thane Integral Ring Metro (2029)
11 12 Coastal Road (Second Phase – 2027)
13
17 Coastal Road (BWSL-Bhayandar- 2030)
3
13 Worli – Sewri Connector (2026)
P
14 Goregaon – Mulund Link Road (2028)

15 Borivali – Thane Tunnel (2028)

16 Airoli to Katai Naka Freeway (2024)

P
Upcoming Navi Mumbai Airport (2024)

P Panvel- Karjat Rail Corridor

• The realization of Mumbai’s comprehensive infrastructure commercial hubs, but also connect areas that are
development is expected to mark the beginning of a new currently underserved by the suburban rail system
era in public transportation • As a result, average travel time within the city is projected
• This transformation is anticipated to drive a shift from to decrease by approximately 50%
motorized vehicles to metro transport, reducing the • These upcoming and planned infrastructure expansion
reliance on the existing road and rail network and projects will greatly benefit residential areas within their
alleviating congestion and traffic bottlenecks influence zones, giving rise to new residential hubs while
• The developments will not only enhance connectivity also revitalizing and regenerating the existing ones
between the main city and suburbs, residential and

33
Mumbai Residential Market

Infrastructure landscape in 2030

MMR Urban Agglomeration continues to grow towards the north and east peripherals

13

10
3
4
9
5

15

17

T
14

16
4
14

6 H 12

7A

12

2B 8

11

13 5
3

P
1

34
Mumbai Residential Market

Prominent project completions by 2030 Key Impact Zones

Metro Line 3 : Colaba – Bandra – SEEPZ Bandra, Khar, Worli, Dadar, Mahim, Lower Parel
Worli – Sewri Connector
1 South & Central Mumbai, which are prominent existing growth
zones of the city, are as well characterized by dense population
and traffic congestion. However, these locations shall sustain as
growth zones backed by upcoming metro connectivity and road
network extensions.

Metro Line 2B : DN Nagar (Andheri Chembur, Ghatkopar, Govandi, Sewri, Mazgaon, Wadala​
2
West) –BKC-Mankhurd North Mumbai & Eastern Suburbs are expected to witness less
Metro Line 7A : Extension to Airport congestion on their existing road and rail network due to upcoming
Metro Line 11: Wadala- Byculla –CSMT metro networks that would connect these locations with South
Coastal Road -Second Phase Mumbai, extended Western Suburbs in the north and Navi Mumbai
Metro Line 8: Andheri Airport to Proposed and Thane towards further east
Navi Mumbai Airport

Metro Line 9 : Dahisar to Shivaji Chowk Mira Road, Bhayandar, Naigaon, Vasai, Virar
Metro Line 10: Gaimukh – Shivaji
3 Extended Western Suburbs, currently underserved by road and
Chowk /Mira Road metro network has less accessibility with core city areas. These
Borivali – Thane Tunnel (2028) locations are likely to emerge as new growth zones when connected
Metro Line 13: Shivaji Chowk to Virar by extensive metro network enabling higher accessibility from main
Coastal Road (BWSL-Bhayandar) Mumbai city and its sister cities of Thane and Navi Mumbai.

Airoli to Katai Naka Freeway Thane, Pokhran Road, Ghodbunder Road, Kolshet Road,
Metro Line 4: Wadala to Kasarvadavali
4 Bhiwandi, Kalyan
Goregaon – Mulund Link Road As an influence zone of the upcoming Thane Integral Ring Metro
Metro Line 5: Thane to Kalyan project and metro network planned between core Mumbai city,
Thane Integral Ring Metro extended Western Suburbs as well as Navi Mumbai, Thane and its
peripheral locations are anticipated to experience faster economic
growth in the coming years.

Upcoming Navi Mumbai Airport Vashi, Belapur, Kharghar, Taloja, Panvel, Ulwe, Uran, Dronagiri
Metro Line 8: Andheri Airport to Proposed
5 Navi Mumbai, an existing growth hub located on the east of
Navi Mumbai Airport the island city, shall witness further expansion to its peripheral
Panvel- Karjat Rail Corridor locations driven by planned metro network connecting it to
Metro Line 12: Kalyan – Dombivali – Taloja the main Mumbai city and Thane. The upcoming Navi Mumbai
Airport shall act as a major catalyst to Navi Mumbai’s fast
paced development as one of the prominent commercial and
residential destinations.

35
Mumbai Residential Market

Residential market outlook

More than 260 acres of land acquired by developers for residential development

13

Ghodbunder Road

Pokhran Road
Kandivali (W) Kalwa
W Panchpakhadi

Mulund (W)

Bhandup (W)

Andheri Kanjurmarg (E)

Vikhroli H

Santacruz

Taloja
Pali Hill

Bandra Chembur
Sion

Worli

Lower Parel
Carmichael Road

Malabar Hill Bhuleshwar

Land acquisition: >10 acres

P
Land acquisition: 5 - 10 acres
Land acquisition: < 5 acres

36
Mumbai Residential Market

Top 3 submarkets account for more than 70% of the land acquired since 2022

17% 12%
South
Western Suburbs II
Mumbai
North Mumbai, 3%
7%
urbs I
rn ub
S
Weste
24% Other, 7%
Eastern Suburbs
Central Mumbai, 3%

32%
Thane
Navi Mumbai, 1%

Source: JLL Research

• Developers have acquired over 260 acres of land in • Looking ahead, we anticipate sustained healthy
Mumbai through outright purchase or joint development momentum in residential sales, although a moderation
agreements specifically for residential development. in capital value appreciation is expected. In terms of
• This translates to a development potential of ~42-48 mn residential sales value, it is projected that the Mumbai
sq ft with a sales potential of around INR 70,000 crore market will surpass the INR 2 lakh crore mark in 2030
• Notably, Mumbai has witnessed the entry of prominent
national and regional developers who have acquired land
for their inaugural residential projects in the city

37
Mumbai Residential Market

Final reflections
The city’s growth curve, creating opportunities for future expansion

• Real estate development in Mumbai had its origins in the southern parts of the city. By 2016, the centers of activity had
already shifted to the suburban markets in the north and east of Mumbai. The availability of land, improved connectivity and
the increasing demand for housing in these areas drove this shift.

• Though the suburban rail network provided north-south connectivity, east-west connectivity remained a challenge. To
support Mumbai’s fast-paced growth, several transit infrastructure networks connecting the suburbs to the main city areas
were initiated, resulting in perceptible northward and eastward growth of the city during 2016-2024

• Navi Mumbai which had started emerging as a leading residential market during 2014-2016, received a major boost during
2016-2024 with MTHL and Navi Mumbai Metro Line 1 starting operations and with the commencement of work for Navi
Mumbai airport. Thane too emerged as a popular residential destination backed by its improved infrastructure and ease of
connectivity with Mumbai core city areas. These two sister cities of Mumbai experienced robust residential launches and
sales and emerged as one of the front runners in property price appreciation

• The residential submarkets in the city provide opportunities across a wide price segment given the apartment sizes/
configurations they offer. While average sizes may be slightly smaller in core city areas, Gross Development value due to
higher per sq ft realization is quite high, offering attractive scale and returns.

• While lack of greenfield development opportunities in core city areas has resulted in the city’s east and northward
expansion, redevelopment is a key entry strategy for developers in core city residential markets. The existing and upcoming
infrastructure initiatives in these city locations also play a key role in redevelopment opportunities arising in these densely
populated residential submarkets.

• Given the current velocity in infrastructure development comprising Coastal Road and metro network expansions, the Island
City and Suburbs both offer good opportunities across the value-volume spectrum. As of June 2024, Mumbai stands as one
of the leading contributors to pan India launches and sales. It is also the largest residential market in terms of sales value
which is expected to surpass INR 1.35 lakh crore in 2024 - a record high for the city. We expect this momentum to continue
with Mumbai’s residential sales value projected to surpass INR 2.0 lakh crore in 2030 at a CAGR of ~6.8%.

38
Mumbai Residential Market

Annexure 1:
Residential submarket definitions

Submarket Locations

Altamount Road, Babulnath, Charni Road, Chowpatty, Cuffe Parade, Dadar West,
Elphinstone, Gamdevi, Charni Road, Grant Road, Hughes Road, Jacob Circle, Lower
South Mumbai
Parel, Mahalaxmi, Mazgaon, Mumbai Central, Nana Chowk, Napeansea Road, Peddar
Road, Prabhadevi, Tardeo, Worli, Worli Naka, Worli Seaface

Byculla, Chembur, Dadar East, Deonar, Govandi, Mahim, Matunga, Parel, Parel-Sewri,
Central Mumbai
Sewri, Sion, Tilak Nagar, Upper Parel, Wadala

North Mumbai Bandra, BKC, Juhu, JVPD, Kalina, Khar, Santacruz, Upper Juhu

Western Suburbs I Andheri, Goregaon, Jogeshwari, Versova, Vile Parle

Western Suburbs II Malad, Kandivali, Borivali, Madh Island, Dahisar

Bhandup, Chandivali, Ghatkopar, Kanjurmarg, Kurla, Mulund, Nahur, Powai,

Eastern Suburbs
Vidyavihar, Vikhroli

Pokhran Road, Ghodbunder Road, Glady Alwares Road, Kolshet Road, Eastern Express
Thane
Highway, Wagle Estate, Kalwa, Naupada, Panchpakhadi, Khopat

Airoli, Rabale, Ghansoli, Koparkhairne, Mahape, Turbhe, Vashi, Sanpada, Juinagar,

Nerul, Seawoods, CBD Belapur, Kharghar, Kamothe, Kalamboli, New Kalamboli,
Navi Mumbai
Roadpali, Taloja, Panvel, Chiple, Adai, Karanjade, Navade, New Panvel, Ulwe, Dronagiri,
JNPT, Nhava Sheva, Uran

39
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Authors

Ankit Bhartiya Ramkrishna Panda Shweta Kakkar Srija Banerjee

Senior Manager Assistant Manager Director Director
Research & REIS Research & REIS Research & REIS Research & REIS
ankit.bhartiya@jll.com ramkrishna.panda@jll.com shweta.kakkar@jll.com srija.banerjee@jll.com

Research Enquiries Business Enquiries

Dr. Samantak Das Rohan Sharma Karan Singh Sodi

Chief Economist and Senior Director Senior Managing Director
Head Research & REIS Research & REIS Mumbai
samantak.das@jll.com rohan.sharma@jll.com MMR & Gujarat Head - Alternatives, India

Special Contribution

Abhishek Vohra
Asst. Manager
Research & REIS
abhishek.vohra@jll.com

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