Why Homes Up to ₹2 Crore Dominate Mumbai's Real Estate Market?
Mumbai’s real estate market, known for its high property prices, continues to see maximum demand for homes priced up to ₹2 crore. According to data from the Maharashtra government, analyzed by Knight Frank India, nearly 80% of all property registrations annually fall within this range. This affordability sweet spot caters to a wide range of buyers, including first-time homeowners and those looking to upgrade.
In 2023, over 82% of the 1.14 lakh properties registered in Mumbai were priced up to ₹2 crore. The trend held strong in 2024, with 78% of the 1.28 lakh properties registered in the same segment. The ₹2 crore price point remains popular because it strikes the perfect balance between affordability and quality, especially for middle and upper-middle-income groups. Developers, like Nahar Group with their Nahar Amaryllis project in Chandivali, offer thoughtfully designed homes with modern amenities, perfectly catering to this segment.
Neighborhoods such as Borivali, Kandivali, Mulund, and Vikhroli provide a variety of options for buyers in this price bracket. Studio apartments are available for ₹50–₹60 lakh, while 1 BHKs range from ₹1 crore–₹1.25 crore, and compact 2 BHKs can be purchased for ₹1.50–₹2 crore. With home loan accessibility and government incentives like reduced stamp duty for women buyers, this price segment is highly attractive for aspiring homeowners.
While demand for homes up to ₹2 crore dominates, interest in premium housing is growing. In 2024, properties priced above ₹2 crore accounted for 21% of transactions, up from 17% in 2023, as buyers increasingly prioritize larger and more luxurious homes. Still, the up-to-₹2 crore segment remains the backbone of Mumbai’s real estate market, offering a wide range of opportunities for both first-time buyers and those upgrading their lifestyles.
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