Mumbai's real estate market, India's priciest, sees the majority of property registrations in the up-to-₹2 crore segment. According to Maharashtra government data compiled by Knight Frank India, nearly 80% of annual registrations fall within this range, highlighting its appeal to first-time buyers and those upgrading their homes.

Insights from Registration Data
In the first eleven months of 2023, Mumbai registered 1.14 lakh properties, of which over 82% were priced up to ₹2 crore, 12% ranged between ₹2 crore and ₹5 crore, and just 4% exceeded ₹5 crore. The trend continued in 2024, with 78% of 1.28 lakh registrations in the up-to-₹2 crore bracket. Apartments in Mumbai range from ₹20,000 per sq ft to over ₹1.50 lakh per sq ft, showcasing affordability and variety in this segment.

Why Is ₹2 Crore the Sweet Spot?
Developers note that properties up to ₹2 crore attract middle and upper-middle-income groups seeking affordability, comfort, and aspirations. Manju Yagnik of Nahar Group states that this price range caters to buyers looking for value-added homes with amenities in suburban Mumbai, as seen in projects like Nahar Amaryllis in Chandivali.

Vivek Rathi of Knight Frank India adds that this segment benefits from home loans, government incentives like reduced stamp duty for women, and consistent demand for first-time and upgrade buyers. Local brokers highlight areas like Borivali, Kandivali, Mulund, and Vikhroli, where options include studio apartments for ₹50-₹60 lakh, 1 BHKs for ₹1 crore-₹1.25 crore, and compact 2 BHKs for ₹1.50-₹2 crore.

Growth in Premium Segments
While the up-to-₹2 crore segment dominates, demand for properties above ₹2 crore is growing. The share of transactions above ₹2 crore increased from 17% in 2023 to 21% in 2024, driven by post-pandemic preferences for larger homes. Analysts at Knight Frank also noted a decline in registrations for properties below ₹50 lakh, underscoring a market shift toward premium housing.

Projects such as Ruparel Urbana, Godrej Nurture, Chandak Greenairy, and Raghav Paradise further enrich Mumbai's affordable housing options, while the city steadily grows as a premium real estate hub.

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