March 13, 2025 – Mumbai, Maharashtra: The Mumbai Metropolitan Region (MMR) residential market witnessed a sharp rise in sales activity in the last quarter of 2024, with registered home sales value climbing 11% and transaction volume growing by 5%, according to a report by Square Yards based on Inspector General of Registration (IGR) data.
Market Growth and Key Figures
Between October and December 2024, MMR recorded 68,082 registered residential transactions, up from 65,126 in the previous quarter. The total registered home sales value reached Rs. 68,025 crore, compared to Rs. 61,012 crore in Q3 2024. As a result, the average registered sales value per unit rose to Rs. 1 crore, marking a 7% increase from Rs. 94 lakh in Q3.
Quarterly Market Overview
| Metric | Oct-Dec 2024 | July-Sept 2024 | Q-o-Q Growth |
|---|---|---|---|
| Registered Residential Transactions (Units) | 68,082 | 65,126 | 5% |
| Registered Sales Value (Rs. crore) | 68,025 | 61,012 | 11% |
| Average Registered Sales Value (Rs. crore) | 1.00 | 0.94 | 7% |
Market Leaders and Top Developers
Lodha Group maintained its dominance in MMR’s housing market, leading in registered home sales value with Rs. 1,787 crore, propelled by its Lodha Bellevue project in Mahalaxmi. Godrej Properties followed with Rs. 1,460 crore, while Oberoi Realty secured third place with Rs. 1,340 crore.
Conceptual Advisory Services led in transaction volume with 973 registered transactions, mainly from Suraksha Smart City in Vasai East. Lodha Group followed with 852 transactions, driven by Lodha Crown in Thane West.
Top Developers by Registered Home Sales Value (Rs. crore)
- Lodha Group – 1,787
- Godrej Properties – 1,460
- Oberoi Realty – 1,340
- L&T Realty – 1,188
- Rustomjee Builders – 888
Top Developers by Registered Residential Transactions
- Conceptual Advisory Services – 973
- Lodha Group – 852
- Dosti Group – 589
- Godrej Properties – 583
- Runwal Group – 547
Area and Budget Trends
Compact homes remain the top choice, with 54% of registered transactions for apartments smaller than 500 sq. ft. Properties priced below Rs. 50 lakh accounted for 50% of total transactions, while those between Rs. 50 lakh and Rs. 1 crore made up 24%. High-value transactions were concentrated in Mumbai’s western and southern suburbs.
Micro Market Performance
Kalyan-Dombivli led in transaction volume, making up 20% of total sales, while Mumbai’s western and southern suburbs contributed 50% of total home sales value. Thane West emerged as the highest-grossing micro-market with Rs. 5,348 crore in sales, followed by Worli (Rs. 2,884 crore) and Lower Parel (Rs. 2,054 crore).
SFI Analysis
The MMR real estate market is poised for sustained growth, fueled by major infrastructure developments such as the Navi Mumbai Airport, metro expansions, and a proposed cable car project. As redevelopment projects reshape South Mumbai and connectivity improves in peripheral areas, housing demand is expected to remain strong. Market fundamentals suggest continued momentum in the coming quarters, with compact homes and affordable housing driving demand while premium locations attract high-value investments.
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