Jogeshwari-Borivli Belt: Mumbai’s Real Estate Boom Zone

A Tale of Two Cities: Luxury vs. Volume

While Mumbai’s skyline is occasionally lit up by headline-grabbing luxury apartment deals in South Mumbai—each worth hundreds of crores—the true pulse of the city’s real estate market beats strongest in the western suburbs. The Jogeshwari-Borivli belt has emerged as the epicenter of Mumbai’s property boom, outpacing all other regions in both project activity and sales volume during 2024–25.

Unprecedented Growth in the Western Suburbs

In the last financial year, the Jogeshwari-Borivli belt witnessed a historic surge, with 879 projects executed by 588 builders. These developments resulted in flat sales worth over ₹40,000 crore—the highest in Greater Mumbai. This remarkable performance was driven by 18,319 units sold, marking a 39% increase from the previous year. The region’s appeal lies in its blend of affordability, connectivity, and modern amenities, making it a magnet for first-time buyers and families alike.

South Mumbai: The Realm of Ultra-Luxury

In stark contrast, the Colaba to Worli belt—often regarded as India’s most expensive real estate corridor—saw sales of around ₹22,500 crore, with just 169 projects. Here, the per square foot rate soared to ₹1.80 lakh, the highest in the city. This micro-market is home to the greatest concentration of ultra-expensive apartments, with 1,199 units priced above ₹20 crore, while the Jogeshwari-Borivli belt had none in this category.

Mumbai’s Market in Numbers

A comprehensive study by TOI and Liases Foras analyzed data from 2,329 active projects marketed by 1,342 developers. The survey revealed that Mumbai’s real estate market recorded its highest-ever sales in 2024–25, with 49,191 units sold worth ₹1,24,138 crore—a 26% growth over the previous fiscal year. The median property price stood at ₹27,500 per square foot, up 6% year-on-year, with prices ranging from ₹13,300 to ₹1,80,000 across micro-markets.

Inventory and Affordability: A Balancing Act

Despite robust sales, Mumbai’s unsold inventory remains significant, with 84,197 units valued at ₹2,57,383 crore. However, this represents an 11% decline from the previous year, and the inventory overhang has improved dramatically to 20 months, down from a peak of 60 months in 2016–17. Approximately 39% of unsold units are priced between ₹1 crore and ₹2 crore, while 30% fall in the ₹2 crore to ₹5 crore bracket. Only 10% of unsold stock is priced above ₹5 crore, with about 1,400 units exceeding ₹20 crore.

Supply and Demand Dynamics

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 Jogeshwari to Borivli, led the charge in activity. Meanwhile, the central suburbs saw 714 projects contribute to 18,082 unit sales, an 18% increase, with the lowest inventory overhang of just 16 months.

What’s Driving the Surge?

The surge in sales can be attributed to muted price growth over the long term, making Mumbai’s real estate more accessible to end-users. According to Liases Foras’ House Price Index, property prices in Mumbai have grown at a modest CAGR of 4.96% over the past 16 years, with 72% of appreciation occurring between 2008–09 and 2012–13. The past 11 years have seen only a 45% cumulative rise, signaling a period of price stagnation and market correction. This price efficiency has drawn end-users back into the market, fueling an unprecedented rally.

A Vision for the Future

Mumbai’s real estate market is at a crossroads, balancing the allure of ultra-luxury in the south with the vibrancy and volume of the western suburbs. As affordability and infrastructure improvements continue to shape buyer preferences, the Jogeshwari-Borivli belt stands as a testament to the city’s enduring dynamism and its ability to reinvent itself for a new generation of homebuyers.