Mumbai, Maharashtra, October 10, 2024 – Mumbai’s Metropolitan Region (MMR) witnessed a strong uptick in residential real estate activity during the July-September 2024 quarter, with a significant rise in both the number of transactions and the total sales value. According to data from Square Yards, residential transactions in the region grew by 7% year-on-year, reaching 52,745 registered transactions, while the total sales value surged by 10%, amounting to INR 48,409 crore.
The increase in sales activity pushes the average home sales value to nearly INR 1 crore, marking a 3% rise compared to the same period last year. The growth comes as the region enters the festive season, with increasing demand across all price ranges and suburbs.
Key Insights from the Quarter
- Total Transactions: 52,745 residential transactions were registered in the Mumbai MMR during the July-September period, a 7% increase compared to the same quarter in 2023.
- Sales Value: The total sales value for these transactions rose by 10%, reaching INR 48,409 crore.
- Average Home Sales Value: The average sales value for homes in the region stood at INR 0.92 crore, up from INR 0.89 crore a year ago.
Ganesh Devadiga, Sales Director at Square Yards, noted, “Mumbai MMR continues to demonstrate robust demand across all price brackets. Peripheral and core suburbs alike have shown sustained activity, and we expect the upcoming festive period, including Dussehra and Diwali, to drive even more transactions. Infrastructure upgrades, such as the Metro Line-3 and the Elevated Eastern Freeway, are set to further enhance connectivity and make the region even more attractive to buyers.”
Top Developers and Key Trends
In terms of developer performance, Godrej Properties emerged as the leader in the registered home sales value, moving up from fourth place in the previous year’s September quarter. Godrej Reserve in Kandivli was the highest-grossing project in Mumbai MMR during the quarter.
Conceptual Advisory Services debuted at the top of the list for registered transactions, with 737 units registered in their Suraksha Smart City project in Vasai. Following closely behind in transaction volume was Lodha Group (Macrotech Developers), which ranked second in both total transactions and registered sales value, with 694 units sold and INR 1,060 crore in sales value.
Area-wise and Budget-wise Trends
Residential transactions in the Mumbai MMR region were largely driven by affordable housing in peripheral areas. Properties priced below INR 50 lakh accounted for 52% of all transactions, reflecting increased demand for budget-friendly homes in suburbs. Conversely, high-end properties priced above INR 1 crore continued to represent a significant portion of the market, with 25% of all transactions falling into this category.
In terms of property sizes, smaller homes remained popular. Units under 500 sq. ft. dominated the market, representing 55% of all transactions, while properties between 500 and 1,000 sq. ft. accounted for 37%.
Micro-Market Performance
The peripheral suburbs of Kalyan-Dombivli and Navi Mumbai captured approximately 20% of all residential transactions, with Mumbai Western Suburbs closely following at 18%. The western suburbs led the market in terms of sales value, accounting for 32% of the total registered home sales.
Thane West maintained its position as the top locality for both transaction volume and value, registering 3,895 units worth INR 3,568 crore during the quarter. Other notable performers in terms of sales value included Dombivli East, Mira Road East, Kandivali East, and Malad West.
Looking Ahead: Festive Season Boost
The positive momentum in Mumbai MMR’s residential market is expected to continue as the region moves into the festive season. The upcoming festivals, including Navratri, Dussehra, and Diwali, typically see a spike in property sales, with developers offering special schemes and discounts to attract buyers. Additionally, several ongoing and upcoming infrastructure projects, including the much-anticipated Metro Line-3 and the Thane Integral Ring Metro Rail Project, are expected to further enhance connectivity, making the region even more attractive to homebuyers.
Overall, the Mumbai MMR residential market is poised for further growth, buoyed by strong demand, developer incentives, and infrastructural improvements.
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