Mumbai
Girgaon maintains a strong position in the Mumbai real estate sector, driven by a mix of established residential buildings and modern high-end projects. The market shows dynamic movement across different property statuses, with under-construction projects and ready-to-move units catering to a wide spectrum of buyers. Rental demand remains robust, particularly for larger configurations, supported by proximity to key commercial and social hubs. Recent government registrations highlight a consistent volume of transactions, reflecting steady market confidence.
As of June 2026, the average asking price in Girgaon for apartments is ₹1.16 Lakh per sq ft. This figure reflects a significant appreciation of 49.22% compared to the previous period, indicating strong demand and market activity for residential apartments in this prime locality.
Property rates in the Girgaon micromarket have shown a fluctuating trajectory, moving from ₹46,200 per sq ft in September 2025 to ₹46,350 per sq ft in December 2025 and March 2026, before adjusting to ₹40,300 per sq ft as of June 2026. This recent shift suggests a period of market correction or stabilization following the sustained price levels observed through the first quarter of 2026.
As of June 2026, property rates in Girgaon vary by project status: Ready To Move units are priced at ₹40,000 per sq ft (depreciating by 4.32% from the prior period), while Under Construction projects command a higher average of ₹43,250 per sq ft, having appreciated by 8.27%. Additionally, Partially Ready To Move projects are currently priced at ₹49,450 per sq ft, reflecting a notable appreciation of 29.12%, while New Launch projects are at ₹37,250 per sq ft, showing a depreciation of 20.20%.
The average rental rate in Girgaon is ₹150 per sq ft as of June 2026. This rate has seen a depreciation of 4.46% compared to the previous period, which may signal a temporary softening in rental demand or an increase in available rental inventory within the locality.
As of June 2026, rental rates in Girgaon are tiered by configuration: 1 BHK apartments average ₹52,550 per month, 2 BHK apartments average ₹1.21 Lakh per month, and 3 BHK apartments average ₹2.43 Lakh per month. These figures provide a clear benchmark for tenants and landlords, reflecting the premium nature of the housing stock in this South Mumbai location.
As of June 2026, premium rental projects in Girgaon include Unity House Girgaon and Bhagya Laxmi Apartment Giragaon, both commanding ₹200 per sq ft. Other notable projects include Purav Heights at ₹181 per sq ft and Bhagwan Arab Building at ₹178 per sq ft. The project 232 Dhuleva stands out with a rental rate of ₹155 per sq ft, having experienced a significant appreciation of 43.52%.
Rental rates in the vicinity of Girgaon show significant variance; as of June 2026, areas like Gamdevi, Babulnath, Tardeo, and Kemps Corner command higher rates at ₹250 per sq ft. In contrast, locations such as Marine Drive, Grant Road, and Marine Lines average ₹200 per sq ft, while Girgaum Chowpatty, Kamathipura, and Dalal Estate are priced at ₹150 per sq ft. Notably, Babulnath saw a substantial appreciation of 63.40% in rental rates, while Girgaum Chowpatty experienced a depreciation of 10.92%.
The Government Registration Rate in Girgaon is ₹25,900 per sq ft for the period of October 2025 to September 2026, based on 181 transactions totaling ₹330 Cr. This rate serves as a baseline for stamp duty and registration, and it is notably lower than the current average market asking prices for residential apartments, which often exceed ₹40,000 per sq ft depending on the project status and specific location.
Raj Developers leads the transaction activity in Girgaon with 5 recorded transactions, followed by Lakadawala Developers, Sanghvi Group, Parth Constructions, and Shagun Construction, each with 1 transaction. This data highlights the market presence of these developers in the locality as of June 2026.
Investors should note that as of June 2026, Tardeo commands an average rate of ₹89,400 per sq ft with a strong appreciation of 20.86%, whereas Grant Road is priced at ₹49,700 per sq ft, having seen a depreciation of 10.77%. These differences reflect the distinct market positioning and demand cycles of these adjoining areas, with Tardeo currently showing higher growth momentum compared to Grant Road.
