This case sends a clear signal: RERA’s protections for delayed possession are strong, even in old pre-RERA agreements, and past refund proposals don’t wipe out your rights if you hold on for the flat.

Buyer’s Ordeal: ₹20 Lakh Paid in 2010–Still No Flat in 2026

Vilas Janardan Gode booked a 410 sq ft carpet area flat in “Veena Velocity Phase II” (MahaRERA Reg. P99000014147), Vasai, in October 2010 for ₹19.68 lakh.

• He paid almost the full amount: ~₹19.60 lakh directly (₹14.97 lakh via IDBI Bank home loan) (total ~99.5% towards consideration).
• Extras included stamp duty, service tax/GST, and over ₹8 lakh in loan interest by 2019.
• Agreement registered November/December 2010—but no possession date was specified.
• Builder verbally promised ~1-year delivery, but reality was very different.

Construction halted for years due to a 2011 court injunction in a land dispute (settled only in 2017). Work resumed, completed by November 2018, but no OC from CIDCO/Vasai—blamed on landowner insolvency/legal hurdles. OC finally issued February 13, 2025.

The buyer filed his complaint in September 2020, demanding possession, interest for delay (from 2013 or project proposed date 2017), and ₹5 lakh compensation.

Builder’s Main Defences: Court Stay, Refund Offers, and “No Date Promised”

The developer (M/s. Nikunj Developers) argued:

• No fixed possession date in the 2010 agreement (under old MOFA law), so no breach.
• Delay caused by unavoidable court stay (2011–2017) + later OC technical issues.
• Multiple refund offers with interest (9–12% p.a.) in 2013, 2014, and 2015—buyer refused, so he “waived” claims.
• RERA doesn’t fully apply to pre-2016 sales; project extensions (to 2020) cover them.
• Most other buyers took “fit-out” (semi-finished) possession; only this buyer insisted on full OC.

MahaRERA’s Firm Ruling: Delay Interest Is Your Unqualified Right

Member Ravindra Deshpande rejected key defences:

• RERA applies retroactively to ongoing/incomplete projects (per Supreme Court in Newtech Homes).
• No date in agreement? Reasonable possession time is 3 years from agreement date (Supreme Court in Fortune Infrastructure)—so due by November 2013.
• Court stay/OC delays don’t excuse indefinite wait after buyer paid nearly full amount.
• Section 18 gives unqualified right to interest if buyer stays in project (not withdrawing for refund).
• Rejecting old refund offers ≠ waiver; buyer chose the flat, so interest applies.
• Interest is compensatory—no extra ₹5 lakh needed.

Final Directions (3 Feb 2026):

• Hand over full possession with OC within 30 days.
• Pay interest on ₹19,59,758 (consideration paid, excluding stamp duty/taxes/GST) at SBI highest MCLR + 2% p.a. (currently 8.80% + 2% = 10.80% p.a. as of Feb 2026).
• From 27 November 2013 till actual possession (potential payout: several lakhs—exact calc pending).
• ₹10,000 case costs to buyer.

Key Takeaways for Every Homebuyer in Maharashtra

• RERA trumps old agreements and project extensions for individual delay claims.
• 3-year rule often sets the clock for interest if no date specified.
• Builders’ “we offered refund earlier” defence fails if you stick with the project.
• Interest accrues monthly on what you paid toward the flat price—powerful compensation.
• If delayed beyond reasonable time, check your project’s RERA portal and file under Section 18 early.

This ruling reinforces that homebuyers aren’t powerless against years-long waits. If you’re in a similar boat, your rights are real—and enforceable.

Also Read: Landmark MahaRERA Tribunal Ruling: Homebuyers Can Claim Interest on Delay Even After Taking Possession

The post 12-Year Nightmare Ends: MahaRERA Says Refund Offers Don’t Erase Delay Liability! appeared first on Square Feat India.

The data signals a decisive shift in buyer preferences toward spacious homes, premium layouts, and lifestyle-driven housing—trends that have accelerated since the pandemic reshaped expectations around living environments.

Luxury Housing Drives the Upsizing Trend

“Large 3–4 BHKs and homes with study rooms are now mainstream,” said Anuj Puri, Chairman of ANAROCK. He noted that buyers seeking such homes remain largely unfazed by rising property prices, indicating that demand for premium housing remains robust rather than slowing.

The surge in average sizes is closely tied to the luxury segment’s rapid expansion. In Delhi NCR, for example, luxury housing (priced above ₹1.5 crore) accounted for 80% of new launches in 2025, up sharply from 40% in 2023. This led to the region recording the highest growth in average flat sizes—30% in two years, climbing from 1,890 sq. ft. to 2,466 sq. ft.

City-Wise Leaders and Laggards

Among major markets:

• Hyderabad recorded the largest average home size in 2025 at about 2,600 sq. ft., up 13% in two years.
• Bengaluru saw a strong 21% jump to roughly 1,790 sq. ft.
• Chennai posted a 24% rise to about 1,561 sq. ft.
• Mumbai Metropolitan Region had the smallest homes despite a 12% increase—from 810 sq. ft. to 904 sq. ft.
• Pune and Kolkata saw only modest growth of 5% and 2% respectively.

Across India, average sizes rose 8% in the past year alone, though Pune was the only city to record a slight decline during that period.

Post-Pandemic Shift Reshaping Buyer Psychology

The long-term trend is even more dramatic. Compared to 2019, average home sizes across the top cities have expanded 45%, rising from about 1,140 sq. ft. to roughly 1,656 sq. ft. NCR alone has seen nearly double-sized homes over six years, while Hyderabad recorded a 53% increase.

Industry analysts say the pandemic permanently altered buyer priorities. Homes are no longer viewed purely as shelter or investment assets; they are increasingly seen as lifestyle statements and symbols of upward mobility. Buyers now expect additional rooms for work, study, fitness, or leisure—features once considered luxury but now entering the mainstream.

What’s Fueling the Shift

Several factors are pushing developers toward larger units:

• Rising incomes among affluent buyers
• Growing demand for luxury and premium housing
• Hybrid work culture requiring extra space
• Desire for upgraded amenities and layouts
• Developers focusing on higher-margin inventory

These trends suggest that even as prices rise, developers are likely to continue launching bigger homes to match evolving demand.

Also Read: Average Flat Sizes in Top 7 Cities Rise by 11% in 2023

The post Bigger Homes, Bigger Aspirations: Average Flat Sizes Jump 17% Across India’s Top Cities appeared first on Square Feat India.

Despite a small quarterly dip of just 2%, institutional investments in Indian real estate reached USD 1.76 billion in Q3 2025, the highest third-quarter inflow in four years. This marks an impressive 83% increase compared to last year, a sign of growing investor confidence in India’s property market.

Indian Money Keeps the Market Moving

While foreign capital flows have slowed down, Indian institutional investors and co-investments (where domestic and foreign players jointly fund projects) have surged sharply.

• The share of domestic investments rose to 51% in Q3 2025, a jump of 115% year-on-year.
• Co-investments now account for 41% of total inflows, up from just 15% a quarter ago.
• Foreign investment, on the other hand, dropped to a yearly low of 8%, compared to 46% in Q3 2024.

Experts say this reflects a power shift in who funds India’s growth story. “While foreign investors are cautious amid global headwinds, the rise in domestic and co-investments shows how confident Indian investors are about real estate’s long-term potential,” said Shrinivas Rao, CEO of Vestian.

Commercial Real Estate Leads the Way

The commercial property segment—which includes offices, retail, co-working, and hospitality—remains the biggest magnet for investors, commanding 79% of total institutional inflows.
Investments in this segment rose 104% year-on-year to nearly USD 1.4 billion, underscoring India’s position as a stable hub for corporate leasing and global capability centers (GCCs).

Developers focusing on Grade A office spaces, flexible workspaces, and retail centers are expected to benefit most from this trend.

Residential Investments Ease, But Demand Stays Strong

The residential sector saw a short-term dip, attracting USD 192 million, or 11% of total investments, down from 21% in the previous quarter. However, this still marks a 6% annual rise—showing that while investors are more selective, they remain optimistic about housing demand.

For homebuyers, this means developers are likely to maintain construction pace, backed by stable domestic funding rather than foreign capital. Affordable and mid-income projects, which rely less on offshore money, will continue to progress steadily.

Warehousing and Industrial Sector Gathers Steam

Institutional investment in industrial and warehousing rose 168% over the previous quarter, reaching USD 85.8 million.
The demand for logistics parks and storage infrastructure is being driven by e-commerce growth and manufacturing expansion under Make-in-India, giving investors a new growth story beyond offices and housing.

What This Means for Homebuyers and Developers

1. No slowdown in project funding:
   With Indian investors filling the gap left by foreign funds, developers can continue to raise capital for ongoing and new projects.
2. Stable housing prices likely:
   Since money flow remains steady, property prices are expected to stay stable rather than surge due to financing shortages.
3. Domestic confidence growing:
   More Indian institutions backing real estate reflects long-term trust in the market’s fundamentals — a reassuring sign for homebuyers.
4. More regional and mid-size developers to benefit:
   Domestic capital often looks for diversified opportunities, which could help mid-tier builders in Tier 2 and Tier 3 cities secure financing more easily.

Expert View

“Indian investors are showing tremendous confidence in domestic real estate,” said Shrinivas Rao, FRICS, CEO, Vestian.
“Even as global uncertainty makes foreign funds cautious, the strong participation of Indian capital ensures liquidity, stability, and continued growth across asset classes.”

The Bottom Line

While global uncertainty has made foreign investors cautious, India’s real estate story is now powered by local confidence.
For homebuyers, this means project deliveries will stay on track and the market will continue evolving with more Indian money driving development — a healthy sign of self-reliance and sectoral maturity.

The post 🏠 Why Homebuyers Shouldn’t Worry Even as Foreign Investors Exit Indian Property Market appeared first on Square Feat India.

The land parcel was secured through the acquisition of 100% equity stake in Chaitanya Bilva Private Limited (CBPL), making CBPL a wholly owned subsidiary of Lodha Developers. The transaction was completed on October 13, 2025, on a cash consideration basis.

About the Acquisition

• Target Company: Chaitanya Bilva Private Limited (CBPL)
• Net worth (as of March 31, 2025): ₹13.10 crore
• Turnover: ₹0 crore (no operations yet)
• Land Size: 8.37 acres in a prime Bengaluru location
• Transaction Type: 100% equity acquisition
• Value of Deal: ₹499.61 crore (cash)
• Regulatory Approvals: Not required
• Transaction Completion Date: October 13, 2025

CBPL, incorporated in November 2021, is engaged in the business of real estate development and construction, though it has not yet commenced business operations.

Strategic Expansion into Tier 1 Markets

Lodha’s acquisition is aligned with its strategy to grow in select Tier 1 cities through the inorganic route. Bengaluru, known for its strong residential demand and IT-driven economy, has emerged as a key market for developers looking beyond traditional strongholds like Mumbai and NCR.

This deal marks another significant step in Lodha’s pan-India expansion, particularly in southern markets where competition among major real estate players has intensified.

What Makes the Deal Important

• Strategic Location: Bengaluru’s residential market continues to show resilience, with steady price appreciation and growing end-user demand.
• Land Bank Addition: The 8.37-acre land parcel enhances Lodha’s development pipeline outside MMR.
• Inorganic Growth Route: Acquiring CBPL allows Lodha to bypass lengthy land acquisition processes and gain immediate control over a prime development-ready parcel.

Industry Context

Bengaluru’s real estate market has remained one of India’s most stable, driven by IT/ITeS employment, strong mid- and upper-segment housing demand, and robust infrastructure development. Major developers have increasingly been acquiring land parcels in North and East Bengaluru to tap into this sustained growth story.

For Lodha, this move mirrors a broader industry trend — Mumbai-based developers diversifying into other Tier 1 cities to de-risk portfolios and tap new growth corridors.

Also Read: Abhishek Lodha Alleges Unauthorized Use of Lodha Brand by Brother Abhinandan Lodha’s HoABL

The post 📰 Lodha Acquires 8.37-Acre Prime Bengaluru Land for ₹499.6 Crore — Expands Footprint Beyond Mumbai appeared first on Square Feat India.

May 2025 Snapshot: Pune recorded 11,930 property registrations in May 2025, generating INR 421 crore in stamp duty revenue. This represents a 3% YoY decline in registrations and a 4% YoY dip in stamp duty collections. On a month-on-month (MoM) basis, registrations fell by 17% and collections by 23%, making it the lowest volume of registrations since October 2024.

Export to Sheets

Year-to-Date (Jan-May 2025) Highlights: Despite the May slowdown, Pune’s property market has shown significant growth from a year-to-date perspective. Over 99,339 properties were registered, generating more than INR 3,687 crore in stamp duty revenue during the first five months of 2025. This is the highest volume for this period in the last four years. Compared to the same period last year, property registrations increased by 16% and stamp duty collections saw a 20% rise.

Export to Sheets

Demand for Larger Homes and Premium Housing Continues to Grow: The report indicates a sustained demand for larger apartments, with units exceeding 800 sq ft accounting for 32% of transactions in May 2025, up from 31% in May 2024. This trend reinforces the preference for spacious homes in the post-pandemic era.

Export to Sheets

Interest in premium housing also saw a notable increase, with the share of homes priced above INR 1 crore rising from 14% in May 2024 to 19% in May 2025. Despite this, properties priced up to INR 1 crore still constitute the majority at 81%, suggesting a market that is expanding at the high end while maintaining a broad base.

Export to Sheets

Central Pune Dominates Transactions: Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions in May 2025, accounting for 75% of the market. While still dominant, this was a slight decrease from the previous year, as new developments in other parts of the city began to cater to evolving homebuyer preferences. West Pune, which includes Mawal, Mulshi, and Velhe, held the second-largest share at 14%, with North, South, and East Pune collectively contributing 10%.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, commented on the findings: “In May 2025, Pune’s residential market recorded a 3% YoY decline in property registrations, primarily due to slower momentum in the INR 1–5 crore price segment. However, on a year-to-date basis, the market remains on a strong footing — registrations rose 16% YoY to 99,339 units, just shy of the 1 lakh mark, while stamp duty collections surged 20% to INR 3,687 crore.”

Also Read: Indian Real Estate: Riding Higher in 2025

The post Pune Property Market Sees Mixed Trends in May 2025; Year-to-Date Performance Strong appeared first on Square Feat India.

Spiralling residential prices notwithstanding, ultra-luxury homes (priced >INR 40 Cr each) continued to sell briskly in 2024. The number of sales as well as the sales value of such assets hit new peaks. ANAROCK data indicates that 2024 saw a 17% yearly surge in the total sales value of ultra-luxury homes against 2023.

Anuj Puri, Chairman – ANAROCK Group, says, “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of approx. INR 4,754 Cr. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of approx. INR 4,063 Cr. The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities.”

Source: ANAROCK Research

Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties.

“HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both,” says Puri. “This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand. Although there was only a one-unit increase in the number of transactions closed in 2024 compared to 2023, there was a 17% annual increase in value during the same period. Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand.”

Source: ANAROCK Research

Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over INR 40 crore each – an 88% share of the total deals across the top cities. At least 3 separate ultra-luxury home deals worth >INR 40 crore each were closed in Delhi-NCR – two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each with price tags of over INR 40 Cr.

A deep dive shows that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced >INR 100 Cr each. The total value of these 17 homes sold alone was INR 2,344 Cr.

• Of the 52 deals in Mumbai City, at least 16 were at price tags above INR 100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD.
• One ultra-luxury home priced >INR 100 Cr was sold in Gurugram in Delhi-NCR.

Apartments clearly remained the preferred property type for ultra-HNIs – of the 59 deals, 53 were for apartments and the remaining six bungalows.

Source: ANAROCK Research

Ultra-Luxury Homes – A 2022 & 2023 Retrospective

The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. If we consider the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approx. INR 9,987 Cr. concluded.   

• In 2022, 13 deals worth approx. INR 1,170 Cr were closed, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 deals and the remaining two were in Delhi-NCR. Interestingly, none of the remaining 5 top cities saw such large ticket-size deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 units were priced between INR 100 – 150 Cr – all in Mumbai City.

• In 2023, 58 ultra-luxury homes (priced >INR 40 Cr) were sold across the top 7 cities with a cumulative sales value of approx. INR 4,063 Cr. Of these, Mumbai alone sold 53 units priced >INR 40 crore each – a 91% share of all such deals across the top 7 cities. At least four separate ultra-luxury homes worth >INR 40Cr each were sold in Delhi-NCR – two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad saw one ultra-luxury deal worth >INR 40 Cr. In Jubilee Hills.

Source: ANAROCK Research

Also Read: Luxury housing Delhi-NCR

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Sustainable Development Takes Center Stage
Sustainability has become a central theme in India’s real estate sector in 2024. Green building certifications, such as LEED (Leadership in Energy and Environmental Design), are gaining traction as buyers and developers alike prioritize eco-friendly and energy-efficient buildings. Sustainable development is no longer a trend, but a key factor influencing property values, making green buildings more desirable and competitive in the market.

The Rise of Smart Homes and Tech-Integrated Living
Technology-driven homes are on the rise, with an increasing demand for smart homes. Advanced automation systems, including IoT devices that enhance security, energy management, and convenience, are becoming standard features in new residential properties. This shift toward tech-integrated living is responding to the growing consumer desire for enhanced comfort, efficiency, and security in their living spaces.

Affordable Housing Initiatives Gain Momentum
Affordable housing has continued to be a focal point in India’s real estate market. With government policies promoting homeownership for the middle class and first-time buyers, affordable housing options have seen a surge. Lower interest home loans and subsidies are making home ownership more accessible, allowing budget-conscious buyers to enter the market with greater ease.

Evolution of Luxury Real Estate in Metro Cities
The luxury real estate market has undergone significant changes, especially in response to the COVID-19 pandemic. There is now a greater emphasis on spacious layouts, private outdoor areas, and wellness amenities that cater to health and well-being. These changes reflect a shift in buyer preferences, with a focus on comfort and a healthier lifestyle.

Rise of Mixed-Use Developments
Mixed-use developments have gained popularity as urban planning evolves. These developments, which combine residential, commercial, and recreational spaces, are becoming more common in major cities. Offering residents the convenience of having everything they need within walking distance, mixed-use projects reflect the global trend toward creating live-work-play environments.

2024 Market Insights
2024 has been a landmark year for India’s residential market. Sales have surged by 17% compared to the previous year, translating to approximately 85% of the total units sold in 2023. The momentum in the market has been remarkable, with sales in 2024 doubling compared to 2023. This growth signals continued strong demand for residential properties, driven by both affordability and evolving consumer needs.

Outlook for 2025 and Beyond
Looking ahead, India’s housing market is set for a significant transformation by 2025. Rapid urbanization, technological innovations, and changing consumer preferences will drive the sector forward. The housing market is expected to contribute 13% to India’s GDP by 2025, reflecting its resilience and growing importance in the economy.

The residential sector is projected to become a $1-trillion market by 2030, with major growth driven by policy reforms and demographic shifts. Tier II and III cities, such as Jaipur, Indore, and Kochi, are emerging as key growth hubs, with these smaller urban centers expected to account for over 40% of new housing developments by 2025.

Furthermore, the urban homeownership rate is forecasted to rise to 72% by 2025, up from 65% in 2020. This growth is being fueled by affordable financing options and the increasing presence of younger homebuyers, particularly Millennials and Gen Z, who are expected to make up 60% of new homebuyers by 2030.

Sustainability will also continue to play a pivotal role in the residential market. Green-certified buildings, once considered a luxury, are expected to represent 30% of all new residential projects by 2025, doubling from 15% in 2020.

As we move into 2025, the residential market in India is poised for continued growth and transformation, with a strong focus on sustainability, technological innovation, and affordability.

Also Read: Dharavi Redevelopment: 10 Years of No Maintenance

The post Key Trends Shaping India’s Residential Market in 2024: Insights by Ritesh Mehta, JLL India appeared first on Square Feat India.

In contrast, the prices for ready-to-move apartments dropped by 10% QoQ, falling to INR 11,778 psf from INR 13,121 psf in Q2 2024. The decline in ready-to-move home prices coincided with a 7.93% drop in supply, while the availability of under-construction properties spiked by 33.6%, indicating a shift in buyer preference toward homes under development.

Thane’s Growing Appeal

The report attributes Thane’s rising property prices and growing demand to a combination of factors, including substantial infrastructure upgrades. Major projects like the Thane Metro and several MMRDA road initiatives have boosted Thane’s connectivity to Mumbai, making it an increasingly attractive location for homebuyers and investors alike.

The average property rate in Thane has now reached INR 13,165 psf, positioning it as one of the most sought-after residential hubs in the country. Despite the price hike, home search activity in Thane increased by 2.5% QoQ, signaling sustained interest from potential buyers.

Market Segmentation

The PropIndex report also highlighted significant variations in pricing across different property types in Thane. The average price for builder floors stands at INR 8,800 psf, while multistorey apartments are priced at INR 14,000 psf. Residential houses average INR 15,200 psf, and luxurious villas command a price of INR 17,000 psf.

Key Localities Driving Demand

Several key localities within Thane have experienced significant growth in demand, particularly in areas such as Western Thane, Majiwada, and Kolshet, which benefit from their proximity to Mumbai and the influx of commercial developments in the region. The demand for 2 BHK units remains strong, with properties in the INR 13,200 psf range continuing to be highly sought after.

The report underscores Thane’s appeal as an investment hotspot, supported by robust infrastructure, a rise in commercial projects, and increasing demand for premium housing options.

Outlook for the Future

As Thane’s real estate market continues to evolve, the increase in under-construction property prices reflects the area’s growing appeal among both end-users and investors. With the festive season ahead, demand for both ready-to-move and under-construction properties is expected to remain strong, further driven by upcoming infrastructure projects and developer-led schemes.

For more details on the market trends, visit Magicbricks PropIndex Report.

Also Read: MMRDA Appoints Contractors for Three Major Creek Bridges in Thane

The post Thane Sees Sharp Rise in Under-Construction Property Prices: 19.5% Increase in Q3, Reaching INR 16,455 per sq ft appeared first on Square Feat India.

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.

Also Read: Piramal Realty Launches Clubhouse ‘Club V’ at Piramal Vaikunth, Thane

The post Mumbai MMR Residential Market Sees Growth: Sales and Transaction Values Surge in September Quarter appeared first on Square Feat India.

Mumbai’s Significant Market Contribution

Mumbai continues to play a pivotal role in India’s real estate sector, contributing around 25% of new residential launches and 22% of overall sales in the country from 2022 to mid-2024. The city’s residential sales value during this period has surpassed INR 2.8 lakh crore, representing approximately 31% of the total sales value across India’s top seven markets.

Record-Breaking Sales and Infrastructure Impact

In 2023, Mumbai’s residential sales value exceeded INR 1 lakh crore and is expected to reach INR 1.35 lakh crore in 2024, setting a new benchmark for the city. The reduction in Months To Sell (MTS) inventory—from 58 months in March 2022 to 31 months in June 2024—reflects increased market activity. Key infrastructure projects, such as the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines, have significantly enhanced connectivity within the city and its suburbs, driving growth in residential launches and sales, particularly in Navi Mumbai, Thane, and Western Suburbs II.

Shift in Real Estate Dynamics

Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, noted that Mumbai’s real estate development has transitioned from the southern parts of the city to the northern and eastern suburbs. This shift is driven by the city’s focus on multi-modal transport solutions and ongoing infrastructure projects. By mid-2024, these initiatives are expected to reduce average travel times within the city by 50% and alleviate pressure on existing public transportation systems.

Land Acquisition and Future Developments

Since 2022, developers in Mumbai have acquired over 260 acres of land, either through direct purchase or joint development agreements, earmarked for residential projects. This acquisition translates to a potential development area of 42-48 million square feet, with an estimated sales potential exceeding INR 70,000 crore. Mumbai has also attracted national and regional developers, further fueling the city’s residential market growth.

Outlook and Future Prospects

The report highlights that Mumbai’s residential market is expected to maintain its growth trajectory, despite potential moderation in capital value appreciation. As infrastructure developments like the Coastal Road and Metro expansions continue to progress, they will create opportunities across both the Island City and its suburbs. Navi Mumbai and Thane have emerged as key residential destinations, supported by ongoing infrastructure improvements.

Mr. Prashant Sharma, President, NAREDCO Maharashtra, emphasized that Mumbai’s robust growth underscores the city’s pivotal role in shaping India’s real estate landscape. The continued development of infrastructure and new residential hubs positions Mumbai to set new benchmarks in the coming years.

Looking Ahead

As Mumbai’s real estate market evolves, the city’s shift towards suburban development and infrastructure enhancements will play a crucial role in its future growth. With a wide range of residential opportunities and attractive returns, Mumbai remains a key player in India’s real estate sector, poised to surpass the INR 2 lakh crore mark in residential sales value by 2030.

Also Read: NAREDCO Maharashtra to Host Major Real Estate Forum in Mumbai

The post Mumbai’s Residential Market Set to Surpass INR 2 Lakh Crore by 2030, Says JLL Report appeared first on Square Feat India.