Luxury homes worth between INR 50 lakhs to INR 1 crore will dominate the housing market from 2022 to 2024, according to data from ANAROCK AI, with longer decision-making periods expected.
According to an analysis by ANAROCK's AI tool, ASTRA, the Mumbai real estate market has experienced a significant change from 2020 to 2024. The trend shows a shift towards older homebuyers and premium properties.
Older Buyers Dominate
The largest buyer age group in Mumbai has moved from the under-25 bracket to the 36-40 years age group, with a noticeable decline in buyers under 25, dropping from 8% in 2020 to 4% in 2024 [1][3]. Buyers aged 41 and above have also gained prominence.
Premium Properties in Demand
The budget preference trends reveal a dominance of homes priced between INR 50 lakh to 1 crore, increasing steadily from 28% in 2022 to 35% in 2024. However, demand for properties above INR 1 crore has notably risen, with a growth from 18% in 2023 to 32% in 2024. This premium segment growth is especially driven by buyers over 41 years, with rising interest in homes above INR 2 crore [1][2][3].
Mid-Budget Homes Remain Popular
Despite the growth in premium properties, mid-budget homes (INR 50 lakh - 1 crore) remain the largest segment, increasing their market share.
Slightly Longer Buyer Decision Cycles
The average conversion timeline from inquiry to booking extended slightly from 25 days in 2022 to 28 days in 2024, except for luxury properties above INR 3 crore where conversion shortened to 16 days, indicating quicker decision-making among high-value buyers [1].
Shift in Property Search Channels
The preferred sources for home search have also evolved: digital sources declined from 35% (2022) to 30% (2024), while offline and channel partner sources increased.
Geographic Shifts within Mumbai
Recent reports show demand is moving from saturated suburbs like Andheri, Goregaon, and Malad toward more affordable and developing northern western suburbs such as Kandivali, Borivali, Mira Road, and Vasai-Virar. These areas are benefiting from better infrastructure and metro connectivity, attracting mid-income and upwardly mobile buyers aged 25-44 [4].
In summary, ANAROCK's AI-driven analysis highlights these key trends in Mumbai real estate from 2020 to 2024:
- Older buyers dominate, with 36-40 and 41+ age groups gaining prominence.
- Growing preference for premium homes above INR 1 crore, especially in higher price brackets.
- Mid-budget homes (INR 50 lakh - 1 crore) remain the largest segment, increasing their market share.
- Slightly longer buyer decision cycles overall, except for faster high-end luxury purchases.
- Shift in property search channels, with less reliance on digital and more on channel partners/offline.
- Geographic preference shifting toward affordability and connectivity in northern western suburbs of Mumbai.
These trends reflect changing buyer demographics, evolving budget preferences, and the impact of technology and infrastructure on buyer behavior in Mumbai's dynamic real estate market [1][2][3][4].
For more information about ANAROCK's services, visit www.anarock.com.
References: [1] ANAROCK (2025). Mumbai Real Estate Market Trends: 2020-2024 Analysis. Retrieved from www.anarock.com/mumbai-real-estate-market-trends-2020-2024-analysis [2] ANAROCK (2025). Mumbai Property Market: Channel Partner Performance Analysis. Retrieved from www.anarock.com/mumbai-property-market-channel-partner-performance-analysis [3] ANAROCK (2025). Mumbai Housing Preference Trends: 2020-2024 Analysis. Retrieved from www.anarock.com/mumbai-housing-preference-trends-2020-2024-analysis [4] ANAROCK (2025). Mumbai Real Estate Geographic Shifts: 2020-2024 Analysis. Retrieved from www.anarock.com/mumbai-real-estate-geographic-shifts-2020-2024-analysis
- Older homebuyers in Mumbai are increasingly dominating the market, with the largest buyer age group shifting from under-25 to 36-40 years, and buyers aged 41 and above gaining prominence [1][3].
- There has been a growing preference for premium properties in Mumbai, particularly homes priced above INR 1 crore, driven largely by buyers over 41 years old who are showing a rising interest in homes above INR 2 crore [1][2][3].
- Despite the growth in premium properties, the mid-budget homes segment (INR 50 lakh - 1 crore) remains the largest, increasing their market share [1].
- Buyer decision cycles have slightly extended from 25 days in 2022 to 28 days in 2024, except for luxury properties above INR 3 crore where conversion occurs faster, indicating quicker decision-making among high-value buyers [1].
- The preferred sources for home search have evolved, with a decline in digital sources and an increase in offline and channel partner sources [1]. Demand is also moving from saturated suburbs to more affordable areas like Kandivali, Borivali, Mira Road, and Vasai-Virar, which benefit from better infrastructure and metro connectivity [4].
