Bollywood actor Sonam Kapoor was in the news recently over reportedly selling her luxury apartment in Mumbai’s Bandra-Kurla Complex for Rs 32.5 crore. The news caught the attention of Twitterati as it was reported that she had purchased the said property for Rs 31.5 crore in 2015. Many users of the social media platform took this news to claim that real estate doesn’t always make money. Some even claimed that the majority of buyers who invested in Mumbai real estate in 2015 have suffered the same fate as Sonam as prices have not gone up significantly. Is that so?
While there has been no official confirmation about the details of the transaction by Sonam or her family, we tried to find out how the average property prices have changed in different parts of Mumbai since 2015.
According to Anarock Research, there has been a 13% increase in the average property prices across Mumbai Metropolitan Region (MMR) between 2015 and 2022.
The average per sq.ft price in MMR was Rs 10,280 in 2015. It increased to Rs 11,560 per sq.ft by 2022, Prashant Thakur, Senior Director and Head of Research at ANAROCK Group said via email.
Year-wise average property prices in Mumbai
| Year | Avg. Prices in MMR (INR/sq.ft.) |
| 2015 | 10,280 |
| 2016 | 10,482 |
| 2017 | 10,392 |
| 2018 | 10,497 |
| 2019 | 10,595 |
| 2020 | 10,610 |
| 2021 | 10,886 |
| 2022 | 11,569 |
The maximum increase in property prices between 2015 and 2022 was seen in Mira Road and Panvel micro markets of MMR. These areas have seen a 30% jump in per sq.ft prices since 2015.
The average per sq.ft price in the Mira Road area was Rs 10,800 in 2015, which increased to Rs 14,000 per sq.ft by 2022. Similarly, the average price in Panvel was just Rs 6900 per sq.ft in 2015 but it jumped 30% to Rs 9000 per sq.ft by 2022.
The lowest property price increase between 2015 and 2022 was seen in the Thane East micro market. According to Anarock Research, the average price in Thane East in 2015 was Rs 17,550 per sq.ft in 2015, which increased by 10% to Rs 19,300 in 2022.
Most happening property markets in Mumbai
In 2022, Thane West, Dombivili, Kalyan, Borivali and Mira Road were the most happening micro markets of MMR in 2022 in terms of new launches. As many as 14,712 new units were launched in Thane West in 2022 while Dombivli witnessed the launch of 10,746 units in 2022.
| Micro Market | Launched Units | Average price (Year 2022) (On Carpet) | Average Price (Year 2015) (On Carpet) | % Increase – 2022 Vs 2015 |
| Thane West | 14,712 | 19,100 | 15,300 | 25% |
| Dombivli | 10,746 | 10,500 | 8,300 | 27% |
| Kalyan | 5,948 | 9,100 | 7,200 | 26% |
| Borivali | 5,264 | 22,000 | 18,000 | 22% |
| Mira Road | 5,098 | 14,000 | 10,800 | 30% |
| Panvel | 4,274 | 9,000 | 6,900 | 30% |
| Kandivali | 4,036 | 23,000 | 20,500 | 12% |
| Malad | 3,968 | 23,500 | 20,300 | 16% |
| Thane East | 3,704 | 19,300 | 17,550 | 10% |
Kalyan, Borivali and Mira Road witnessed the launch of 5968, 5264 and 5098 new units respectively in 2022.
“Thane West saw the maximum new launches in 2022 and if we are to consider the growth in terms of average property prices in the area, it witnessed nearly a 25% increase in 2022 as against 2021. Thane East saw the least growth of 10% during the period,” said Thakur.