Despite this trend, the demand for larger homes is growing. The supply of apartments between 650 and 1,300 sq ft has nearly doubled over the past four years, indicating a gradual shift in buyer preferences.

In 2024, Mumbai recorded 63,244 property registrations—4% higher than 2023’s 60,930 units. The highest figure in the last five years was in 2022, with over 75,000 units registered.

Property prices in Mumbai range from ?20,000 ($240) per sq ft to ?1.60 lakh ($1,920) per sq ft for luxury homes. Notably, billionaire Uday Kotak recently made headlines by purchasing 12 sea-facing apartments in Worli for ?202 crore ($24 million), with a record-breaking price of ?2.70 lakh ($3,240) per sq ft.

While affordability remains a driving force, industry experts suggest a rising interest in spacious homes, particularly 3 BHK and above.