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MMR amongst the top 7 cities in Q3 2022. With over 26,400 residential sales recorded between July and September,

Q3 2022 Residential Market Overview – Mumbai-MMR

Sales Trend

Highest home sales recorded in MMR amongst the top 7 cities in Q3 2022. With over 26,400 residential sales recorded between July and September, the city had a minimal rise of 2% in sales volume from the prior quarter while seeing a 26% increase on an annual basis. About 72% of the residential sales in the city were in the Mumbai region, with Navi Mumbai coming in second with 16% of sales and Thane coming in third with 12%.

Looking specifically at the Mumbai market sales, Peripheral Central Suburbs sold 39% of the homes, followed by Mumbai Western Suburbs with sales of nearly 21% of the units. The lowest number of homes were sold in South Central Mumbai in Q3 2022, accounting for 7% of all sales in the Mumbai region.

Launches

MMR registers the highest number of new launches amongst the top 7 cities. Accounting for 39% share comprising 36,000 unit launches, MMR led among the top 7 cities in terms of total new supply in Q3 2022. New launches of MMR rose by 21% against Q2 2022 and by 118% against same quarter previous year. Amongst the three sub-markets of MMR – Mumbai, Thane and Navi Mumbai –  the Mumbai residential market contributed nearly 79% of new supply, followed by 15% in Thane and the rest in Navi Mumbai.

Mumbai Western Suburbs and Peripheral Western Suburbs saw the highest new supply within the Mumbai region, each contributing 3634 and 26% share individually. Around 72% of the city’s new supply is in the affordable, mid end and high end segments, individually contributing 22%, 29% and 21% of launches in the current quarter.

In ultra-luxury segment, majorly higher ticket size new launches witnessed, approx. 2000 new units have been witnessed in >4 Cr price range and rest 1600 units launched in 2.5 Cr to 4 Cr segment.

Available Inventory

MMR’s available inventory remains stable on Y o Y basis. As of Q3 2022, MMR has around 1.91 Lakh units available for sale. The city has the biggest share, contributing nearly 30% to the

overall available inventory across the top 7 cities in India. The city’s available inventory increased by 5% over the previous quarter while being unchanged on a Y o Y basis.

The Mumbai region accounts for majority of the available inventory approx. 74%, while Thane and Navi Mumbai each account for 14% and 13%. An aggregate 81% of the Mumbai’s available inventory is concentrated in Peripheral Central Suburbs (34%), Mumbai Central Suburbs (25%) and Mumbai Western Suburbs (23%).

Affordable, mid-end and high-end ticket sized units made for approximately 75% of the city’s available inventory, with individual shares of 26%, 24% and 25% respectively. MMR inventory overhang stays unchanged from the previous quarter, at 21 months as of Q3 2022.

Also Read: Q1: 22-23 Of 95K units in Tier 1 cities, MMR alone contributed 32K units

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