Property Rates in Mumbai

Property prices in Mumbai have shown some fluctuation over the past few quarters. After a dip to ₹35,550 per sq ft in September 2025, prices saw an increase to ₹37,700 per sq ft by December 2025, and further rose to ₹38,600 per sq ft as of March 2026. This upward trajectory in the most recent periods suggests a recovery and growing market confidence.

As of March 2026, the average asking price for residential properties in Mumbai is ₹38,600 per square foot, while the Government Registration Rate is significantly lower at ₹18,350 per square foot. This substantial difference indicates a considerable premium buyers are willing to pay over the officially registered value, potentially due to market dynamics, amenities, or developer reputation.

Property rates in Mumbai vary considerably by micromarket. Mumbai South leads with the highest average rate at ₹46,350 per square foot, showing a slight appreciation of 0.06% as of March 2026. Mumbai Harbour follows at ₹37,250 per square foot, having appreciated by 3.41%. Mumbai Western Suburbs are priced at ₹34,900 per square foot with a 0.9% increase, while Mumbai Central Suburbs are the most affordable among these at ₹33,000 per square foot, with a modest 0.34% appreciation.

As of March 2026, the average prices for various property types in Mumbai show distinct market segments. Apartments are priced at ₹38,600 per square foot, appreciating by 2.34%. Shops are at ₹65,250 per square foot, though they have depreciated by 0.33%. Office spaces average ₹39,800 per square foot, down by 0.41%, and villas are priced at ₹34,800 per square foot, experiencing a significant depreciation of 16.68%.

Property prices in Mumbai vary by construction status as of March 2026. 'Ready To Move' properties are priced at ₹31,300 per square foot, appreciating by 1.98%. 'Under Construction' properties are slightly higher at ₹32,900 per square foot, with a 2.77% appreciation. 'New Launch' projects are priced at ₹31,600 per square foot, showing a strong appreciation of 4.44%. Properties in 'Upcoming' projects, though fewer in number, are priced higher at ₹43,200 per square foot, but have seen a slight depreciation of 0.79%.

MPCHFL leads in transaction volume in Mumbai with 80 transactions, followed closely by Runwal with 70 transactions. Lodha is third with 68 transactions, and HDIL has recorded 59 transactions. Ekta World rounds out the top five with 50 transactions, indicating significant market activity and buyer trust in these developers.

Lodha leads in terms of sales value in Mumbai, generating ₹268.65 Cr from 68 transactions. K Raheja Corp follows with ₹247.9 Cr from 34 transactions, and Oberoi Realty has achieved ₹202.73 Cr from 39 transactions. Runwal and The Wadhwa Group also feature prominently, with sales values of ₹152.13 Cr and ₹150.84 Cr respectively, highlighting their significant market presence and the premium nature of their projects.

The average rental rate in Mumbai is ₹110 per square foot as of March 2026, which has seen a decrease of 3.51%. The city's rental yield stands at 3.42%. A rental yield of 3.42% suggests that property investors can expect a modest annual return on their investment through rental income relative to the property's capital value.

Rental rates in Mumbai vary significantly by BHK configuration. Studio apartments average ₹28,550 per month, while 1 BHK units command ₹44,800 per month. The rent increases substantially for larger units, with 2 BHKs averaging ₹83,550 per month, 3 BHKs at ₹1.85 Lakh per month, and 4 BHKs reaching ₹3.92 Lakh per month. This trend indicates higher demand and premium pricing for larger, more spacious rental accommodations.

Rental rates in Mumbai's micromarkets show considerable variation. Mumbai South offers the highest average rental rate at ₹200 per square foot, appreciating by 1.05% as of March 2026. Mumbai Central Suburbs and Mumbai Western Suburbs both have an average rental rate of ₹100 per square foot, with the latter showing a significant appreciation of 6.06%. Mumbai Harbour also averages ₹100 per square foot but has seen a depreciation of 2.78%.

As of March 2026, rental rates in Mumbai differ by property type. Apartments have an average rental rate of ₹100 per square foot, with a depreciation of 3.51%. Villas are rented at ₹150 per square foot, showing a 3.05% appreciation. Commercial properties like shops command higher rates at ₹300 per square foot, appreciating by 6.06%, while office spaces are at ₹200 per square foot, experiencing an 8.72% depreciation. Showrooms are the highest at ₹350 per square foot, though they have depreciated by 11.94%.

As of March 2026, 'Ready To Move' properties in Mumbai are priced at ₹31,300 per square foot, showing a 1.98% appreciation. 'Under Construction' properties are priced slightly higher at ₹32,900 per square foot, with a 2.77% appreciation. This suggests that while 'Under Construction' properties might be priced at a premium, the appreciation rate is also slightly higher, reflecting potential future value growth.

The high number of transactions by developers such as MPCHFL (80 transactions) and Runwal (70 transactions) indicates strong buyer demand and confidence in their projects within Mumbai. This level of activity suggests these developers are successfully delivering properties that meet market expectations, potentially making them reliable choices for property seekers and investors looking for established players.