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Mumbai's luxury residential house prices rise by 18% in 2024

The report also states that Mumbai has the most expensive residential market in the world's most populous country, with big businessmen, Bollywood actors and celebrities residing in the city.

Mumbai's luxury residential house prices rise by 18% in 2024
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Property prices in Mumbai have increased by a significant 18% over the last year, according to PropTiger.com's Real Insight Residential Annual Roundup 2024.

The increase is due to rising costs of construction materials, labour and the growing demand for luxury homes in the city.

Despite the rising market prices, the city continues to attract high net worth individuals, driving demand for prime residential properties in the financial capital of India.

The report also states that Mumbai has the most expensive residential market in the world's most populous country, with big businessmen, Bollywood actors and celebrities residing in the city.

According to a report by PropTiger, property prices in eight major cities in the country have increased at different rates between October and December. Hyderabad, a South Indian residential market, has been witnessing a surge in prices for almost a decade. While the growth has slowed down, all other cities considered for the analysis are showing double-digit annual growth.

The highest increase in property prices has been recorded in Delhi NCR, followed by Mumbai, Pune and Chennai. The property price data for the top eight cities in the country shows that Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad) has a 49% increase, Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) has seen a 18% increase, Pune and Chennai 16%, Bengaluru 12%, Kolkata and Ahmedabad 10% and Hyderabad the lowest at 3%.

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