MMR continued its bullish run as India’s leading residential market in Q4 2023, registering 46,638 transactions, totaling Rs 39,170 crores, according to IGR data sourced by Square Yards Data Intelligence.
The festive quarter saw Lodha Group (Macrotech Developers) maintain its prominent position as the top performer in terms of volume and units sold, on the back of heightened demand with 1165 units amounting to Rs 1618.5 crores. Oberoi Realty held on to the second spot in terms of total sale value registering Rs 668 crores while Runwal Group moved up to the second spot in number of units sold with 474 transactions.
| MMR Top Developer – (Q4′ 2023) – Primary | |||
| Developer Name | Total Sale Value in Cr. | No. of Transactions | |
| 1 | Lodha (Macrotech) | 1618.5 | 1165 |
| 2 | Oberoi Realty | 668.0 | 119 |
| 3 | Hiranandani Group | 660.6 | 261 |
| 4 | Kalpataru | 509.6 | 258 |
| 5 | Raymond | 497.2 | 273 |
| 6 | L&T Realty | 459.2 | 249 |
| 7 | Runwal Group | 453.8 | 474 |
| 8 | Godrej Properties | 432.7 | 282 |
| 9 | K Raheja Realty | 401.4 | 59 |
| 10 | Dosti Group | 344.8 | 413 |
Data Source: IGR Maharashtra, squareyards.com
Hiranandani Group climbed to the third spot in total sale value clocking Rs 660.6 crores, while Dosti Group claimed the third spot in number of units sold with 413 units. Additionally, Dosti Group, Kalpataru and Raymond entered the top 10 in terms of transactions.
“MMR’s stellar performance in Q4 2023 supported by strong homeownership sentiment, homebuyer confidence, moderate home loan rates and disciplined supply, underscores the fact that the housing market is at the start of a long-term upcycle. Traditionally the festive season sparks increased activity in the housing market, resulting in a surge in property sales and the last quarter was followed this pattern. Despite rising property prices, the allure of MMR’s real estate market has continued to gain high prominence among investors. The sales momentum sets the stage for an optimistic beginning to 2024,” said Deepak Khandelwal, Principal Partner and Sales Director, Square Yards.
Hiranandani Empress Hill secured its position as the top-selling project in the Mumbai Metropolitan Region (MMR) based on sales value, having recorded property sales worth Rs 348.5 crores in the fourth quarter. In contrast, Dosti West County has dominated the transaction charts by selling 271 units during the same period.
| MMR Top Projects by Sale Value (Q4, 2023)- All Sale | ||
| Project Name | Total Sale Value in Cr. | |
| 1 | Hiranandani Empress Hill | 348.5 |
| 2 | Lodha The Park | 292.9 |
| 3 | K Raheja Modern Vivarea | 252.3 |
| 4 | Oberoi Enigma And Eternia | 247.2 |
| 5 | Lodha New Cuffe Parade | 214.0 |
| 6 | Raymond GS The Address | 212.0 |
| 7 | Oberoi Sky City | 200.5 |
| 8 | Wadhwa 25 South | 199.0 |
| 9 | Kalpataru Vivant | 195.1 |
| 10 | Dosti West County | 179.2 |
Data Source: IGR Maharashtra, squareyards.com
| MMR Top Projects by Transactions (Q4, 2023)- All Sale | |||
| Project Name | No. of Transactions | ||
| 1 | Dosti West County | 271 | |
| 2 | Runwal Gardens | 214 | |
| 3 | Lodha Upper Thane | 177 | |
| 4 | Vihang Woods | 145 | |
| 5 | Lodha Crown Dombivli | 133 | |
| 6 | Suraksha Smart City | 124 | |
| 7 | Lodha Amara | 119 | |
| 8 | Raymond Ten X Habitat | 118 | |
| 9 | Hiranandani Fortune City | 111 | |
| 10 | Godrej Ascend | 108 |
Data Source: IGR Maharashtra, squareyards.com
MMR’s real estate market has been on the cusp of a significant transformation propelled by a stable government, robust economic outlook, favourable government policies and the ongoing metro development of 357 km across 14 lines. Apart from this, several infrastructure projects are currently underway with most of them nearing completion in 2024. This will improve intra-city connectivity and usher real estate boom in emerging peripheral markets.
| Micromarkets | Q4′ 2023 | |
| Total Sale Value in Cr. | No. of Transactions | |
| Badlapur | 639.6 | 2578 |
| Bhiwandi | 401.1 | 1518 |
| Dombivli | 1107.3 | 2645 |
| Kalyan | 931.9 | 2575 |
| Mira Bhayandar | 1716.2 | 3127 |
| Mumbai Central Suburbs | 5548.5 | 4147 |
| Mumbai Harbour | 1985.0 | 1588 |
| Mumbai South | 5253.2 | 2161 |
| Mumbai Western Suburbs | 11605.8 | 8268 |
| Navi Mumbai | 2079.0 | 2765 |
| Panvel | 2489.4 | 5699 |
| Thane | 3973.7 | 4926 |
| Vasai-Virar | 1439.2 | 4641 |
Data Source: IGR Maharashtra, squareyards.com
Mumbai’s Western Suburbs became the top locality for real estate transactions in Q4 2023 with 8268 units sold. It has become the prime choice for new homebuyers and investors as the region offers a mix of affordable and luxurious properties. Places like Khar, Malad, Santacruz, Goregaon, Andheri have become promising residential hubs due to newly operational metro lines, seamless connectivity to business districts of Bandra Kurla Complex, easy accessibility and rapid growth in social infrastructure.
Additionally, Mumbai’s outskirts, including Panvel, Vasai-Virar, Thane, and Mira Bhayandar, are emerging as attractive investment options for middle-class homebuyers, witnessing a significant uptick in transactions. Panvel, with 5699 transactions, appeals to investors for its proximity to Mumbai, thriving business centers, and strong social infrastructure. Thane recorded 4926 transactions, while Vasai-Virar saw 4641 units sold, driven by lower property prices and increased affordability compared to nearby areas.
Given the high yields in the MMR region, top developers in the area are diligently addressing market needs, focusing on factors such as affordability, amenities, and space requirements. A comprehensive approach to area development, coupled with ongoing infrastructure improvements, is poised to contribute positively to this prestigious real estate market in 2024.
