The Mumbai residential market saw a strong demand in Q22023. Central suburbs dominated the supply followed by the Western Suburbs. The demand for 3BHK and above dipped to 15 per cent of the total online searches, whereas the demand for smaller units,1BHK and 2BHK, witnessed growth with 2BHK making 30 per cent of the total demand share. The supply of 1BHK units stood at 49 per cent share of the inventory followed by 2BHK. As per Square Yards’ online search trends, properties of less than Rs 30 lakh saw a decline in Q2, while the demand for residential units (Rs 60-100 lakh) was at 40 per cent. There is an inventory of around 38 per cent of residential units priced at Rs 1 crore and above. Apartments were the most preferred property type constituting over 75 per cent of the demand and supply shares.
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