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Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.
Residential transactions in the Mumbai Metropolitan Region (MMR) experienced a notable increase in the September quarter. Data from Square Yards indicates that from July to September 2024, there were 52,745 residential transactions registered with the IGR in Mumbai MMR, representing a 7% year-on-year rise. Additionally, the value of registered home sales saw a remarkable growth of 10% during the same period, amounting to Rs. 48,409 crore by the end of the quarter. This surge elevated the average home sales value in the region to nearly a crore, reflecting a 3% increase compared to the same period last year. Advertisement
In the third quarter, Godrej Properties climbed from fourth to first place among developers with the highest registered home sales value compared to the previous year. Godrej Reserve in Kandivali emerged as the top-grossing project in Mumbai MMR during July-September 2024. Furthermore, Birla Estates and Dosti Group made their debut in the top 10 developers with the highest registered home sales value, in comparison to the September quarter of the previous year. Conceptual Advisory Services made a strong entry by leading the list of developers with the highest number of registered residential transactions, securing 737 units through their Suraksha Smart City project in Vasai during the quarter. The Lodha Group (Macrotech Developers) closely followed, securing second place in both total registered transactions and sales value, with 694 units sold and a registered sales value of INR 1,060 crore.
In the Mumbai Metropolitan Region (MMR), the bulk of residential transactions continue to be in the low-to-mid range, particularly in peripheral areas, while the suburbs closer to Mumbai are experiencing rising demand for premium properties. This trend continued in the September quarter, with properties priced below INR 50 lakh making up 52% of all transactions, an increase from 50% during the same period last year, largely driven by activity in peripheral regions. Conversely, properties priced above INR 1 crore continued to represent a substantial 25% of total transactions. In terms of size, properties under 500 sq. ft. were the most prevalent, followed by those ranging from 500 to 1,000 sq. ft., together accounting for 92% of all registered transactions. One-bedroom and two-bedroom units remain the preferred choices for homebuyers in the region.
Peripheral suburbs continued to lead the Mumbai Metropolitan Region (MMR) market in the September quarter. Kalyan-Dombivli and its surrounding areas, along with Navi Mumbai, each held approximately 20% of the overall 52,745 registered residential transactions. Following closely were Mumbai's western suburbs, which captured 18% of the total transactions. Notably, the western suburbs also led in registered home sales value, securing the largest share at 32% of the total INR 46,409 crore during the July to September 2024 period.
Thane West retained its status as the leading locality in both the volume and value of registrations, with 3,895 units registered and a total value of INR 3,568 crore in the September quarter. Following Thane West in total registered residential transactions were Dombivli East and Mira Road East, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value. Mumbai's Southern micromarket achieved the highest average registered sales value at an impressive INR 3.01 crore, with the Western and Harbour micro markets trailing behind at average sales values of INR 1.63 crore. In contrast, Kalyan-Dombivli, Mira Road, and their surrounding areas continued to register the lowest average home sales values within the Mumbai MMR, yet they collectively represented 37% of the total residential transactions.
As for the future, Mumbai MMR is likely to maintain its growth momentum, particularly during the festive season, which encompasses Navratri, Dussehra, and Diwali. These auspicious times traditionally see an uptick in property bookings, prompting developers to introduce incentives such as flexible payment options and discounts to encourage sales. Additionally, several infrastructure developments, including the launch of Mumbai Metro Line-3, Atal Setu, and the upcoming Thane Integral Ring Metro Rail Project and Elevated Eastern Freeway Extension, are set to enhance connectivity across the region. These improvements are expected to have a positive effect on both residential and commercial real estate markets in the months ahead, further boosting homebuyer confidence and demand.
The continued growth in Mumbai's residential transactions reflects a resilient market, driven by affordable housing demand and promising infrastructure developments. With the festive season approaching, real estate activity is anticipated to surge, bolstering overall market confidence.
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