From Compact To Capacious, A Look At Who’s Buying What In MMR’s Residential Market

The Mumbai Metropolitan Region (MMR) has always mirrored the aspirations of its residents—and few things capture those ambitions better than the homes they choose. From modest studios in the suburbs to opulent sky villas in the city’s luxury enclaves, today’s homebuyers in MMR are as diverse as the inventory on offer. What unites them is a clear sense of purpose: buying homes that suit not just their budgets, but also their evolving lifestyles.

Compact choices

Studios and 1BHKs for the Budget-Conscious and Mobile: For many first-timers, less is more. Studios and 1BHKs remain hot picks among young professionals, students, and new couples prioritizing affordability and convenience.

In emerging locations like Mira Road and Vasai East, studio apartments (300–450 sq. ft) are transacting between Rs. 30 lakh and Rs. 60 lakh. These units are low-maintenance and high on connectivity—ideal for those who spend more time outdoors or commute frequently for work or study.

Moving a step up, 1BHKs (400–550 sq. ft) are seeing sustained demand, especially in suburbs well-connected to employment hubs. With an average price per square foot hovering around Rs. 15,132, these homes typically cost between Rs. 60 lakh and Rs. 1.2 crore—perfect for nuclear families or single earners looking to plant roots without overextending financially.

Middle-market momentum

The 2BHK–3BHK Sweet Spot: In the heart of MMR’s residential market lies its largest and most resilient segment - 2BHKs and 3BHKs. These formats appeal to growing families and double-income households seeking that extra room—for a child’s bedroom, a home office, or simply breathing space.

A 2BHK in central areas like Kharghar (700–900 sq. ft) now begins at around Rs. 1 crore and can climb to Rs. 2.5 crore depending on the project and location. These homes balance size and amenities, often in townships that offer lifestyle perks like gyms, gardens, and clubhouses.

3BHK units (1,000–1,400 sq. ft) stretch between Rs. 2 crore and Rs. 6.5 crore across most of MMR, though options as low as Rs. 60 lakh are still found in newer growth corridors such as Kalyan. In high-end locales like Bandra or Juhu, 3BHKs easily cross Rs. 7 crore. This format increasingly serves families prioritizing dedicated spaces for work, study, and leisure—especially in a post-pandemic world.

Luxury living

The Rise of 4BHKs, Duplexes, and Penthouses: At the premium end of the spectrum, homes become more than just places to live—they turn into status symbols, legacy assets, and private sanctuaries.

4BHK apartments (1,500–2,200 sq. ft), priced between Rs. 3.5 crore and Rs. 8 crore, are gaining traction among affluent multigenerational families. These units are often kitted out with private elevators, staff quarters, and verdant terraces in areas like Thane and Panvel.

Duplexes, offering 1,800–3,000 sq. ft of layered living, span from Rs. 4 crore to Rs. 12 crore. They appeal to those who desire the openness of a villa without giving up the safety and amenities of an apartment complex.

And then there are penthouses and sky-villas—ranging from 3,500 to 6,000 sq. ft and priced between Rs. 7 crore and Rs. 30 crore. These are bought by top-tier entrepreneurs, global professionals, and NRIs who want panoramic views, luxury finishes, and complete privacy. But this rarefied segment is beginning to feel the weight of oversupply: luxury housing inventory saw a 36% spike in unsold units in Q1 2025, hinting that demand might not be able to keep pace with developers’ ambition.

The road ahead

Matching Inventory to Intent: As MMR’s residential landscape evolves, developers must move beyond generic formats and instead curate offerings that reflect the aspirations of distinct buyer profiles. Compact formats need smart interiors and co-living adaptability. Mid-segment homes must cater to hybrid work and community living. And at the luxury end, exclusivity and experience must outweigh mere square footage.

Ultimately, aligning the right product with the right audience will be crucial—not just for driving sales, but for sustaining long-term market health. The future of MMR real estate won’t be defined by size alone, but by how intelligently that space is envisioned, marketed, and lived in.

The writer is Partner at Palladian Partners Advisory Ltd.

news