Jogeshwari-Borivli belt saw city’s highest flat sales last yr | Mumbai News

Mumbai: Even as one-off luxury apartment transactions in south Mumbai, each worth a few hundred crores, shake Mumbai’s property market, the real action is happening in another distant zone of the city.The Jogeshwari-Borivli belt is witnessing an unparalleled property boom with the maximum projects and highest flat sales in 2024-25. The belt had 879 projects executed by 588 builders and recorded flat sales worth over Rs 40,000 crore — the highest in Greater Mumbai (see box). The Colaba to Worli belt, parts of which are taken to be the priciest real estate in India, saw sales of around Rs 22,500 crore in that period, found a TOI study in collaboration with Liases Foras. South Mumbai (Colaba to Worli) had just 169 projects but with the steepest per square foot rate (carpet) rate of Rs 1.80 lakh, the highest in the city.TOI in association with Liases Foras, a real estate research and data analytics company, did a deep dive into Mumbai’s micro-markets by analysing data based on an extensive ground survey covering 2,329 active projects being marketed by 1,342 developers.According to the Liases Foras survey, Mumbai’s real estate market recorded its highest-ever sales in financial year 2024–25, with 49,191 units sold worth Rs 1,24,138 crore, marking a 26% growth over the previous fiscal year. However, the unsold stock of over 84,000 flats was worth Rs 2,57,383 crore.The greatest number of ultra-expensive apartments (over Rs 20 crore) were in the Colaba-Worli belt. According to the survey, there were 1,199 such flats in this belt while none in the Jogeshwari-Borivli belt.The median property price stood at Rs 27,500 per square foot, up 6% year-on-year. The base price per sq ft ranged from Rs 13,300 to Rs 1,80,000, highlighting the wide price spectrum across micro-markets.“Mumbai’s unsold inventory declined to 84,197 units, valued at Rs 2,57,383 crore, representing an 11% drop from last year. Robust sales momentum has significantly reduced the inventory overhang to 20 months, a dramatic improvement from the peak of 60 months in FY 2016–17,” said Pankaj Kapoor of Liases Foras.About 39% of unsold supply falls within the Rs 1crore -Rs 2 crore cost bracket of the units, and 30% is within the Rs 2crore-Rs 5 crore cost bracket. Approximately 10% of the unsold units fall within the cost bracket of more than Rs 5 crore with around 1,400 units costing over Rs 20 crore.On the supply side, 40,306 new units were launched in 2024-25, a modest 1% increase over the previous year. The western suburbs—especially the stretch from Jogeshwari to Borivli—recorded the highest activity. A total of 879 projects in this region contributed sales of 18,319 units, valuing Rs 40,083 in 2024-25, which was 39% higher than the previous year. The unsold units are 37,214, with a 22-month inventory overhang.The central suburb has 714 projects contributing sales of 18,082 units, an 18% increase from the previous year. With 24,746, the central suburb has the least inventory overhang, at just 16 months.So, what drove the surge in Mumbai’s real estate sales?According to the House Price Index by Liases Foras, which tracks price appreciation in the projects across years, property prices in Mumbai have grown at a modest CAGR of just 4.96% over the 16 years following the global financial crisis.Starting from a base index of 100 in 2008–09, the index reached 217 in 2024–25 — a 117% total increase. Notably, 72% of this appreciation occurred between 2008-09 and 2012-13, driven by excessive financialisation and investor participation. However, the past 11 years have seen only a 45% cumulative rise, indicating a period of price stagnation and market correction.Affordability still matters even for India’s costliest real estate market. The surge in sales can be attributed to muted price growth over the long term. It is the price efficiency that drew end-users, which contributed to an unprecedented rally that Mumbai real estate witnessed in recent times.