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Mumbai MMR records a 10% growth in average registered home sales value

#Taxation & Finance News#India#Maharashtra#Mumbai City
Last Updated : 2nd Aug, 2024
Synopsis

The Mumbai Metropolitan Region saw a 10% year-over-year growth in average registered home sales value in the second quarter of 2024. The analysis conducted by the Square Yards suggests that there is a demand for high valued homes. Developers have observed significant growth of bulk sales in peripheral regions while the suburbs ask for luxury and ultra-luxury projects. The Lodha Group remains on top of the board in total registered transactions and total value sales. Peripheral suburb areas like Kalyan-Dombivali are leading the market while Mumbai's southern micro market dominated the region with the highest record for average sales.

The Mumbai Metropolitan Region has recorded 10% year-over-year growth in average registered home sales value in the second quarter of 2024, according to a latest report.


The Square Yards reports noted that despite a slump by 15% in total number of registered transactions in the region, MMR touched a high record of INR 94 lakhs, indicating a demand for high-valued homes. A total of 50,025 residential real estate transactions were registered in the June 2024 quarter, summing the registered sales value of INR 46,833 crores.

Additionally, peripheral suburbs areas like Kalyan-Dombivali and its neighbouring localities, including Bhiwandi, Badlapur-Ambernath, and Ulhasnagar is leading the market with the highest share of 21% in the overall registered residential transactions while Mumbai's Western Suburbs is at the highest 31% shares in the registered home sales value with INR 46,833 crores during April - June 2024 period.

According to a media report, localities such as Thane West as well as Dombivali East and Mira Road East are at the top of the region with total registered transactions in Q2 2024, where Thane West set a record of selling properties worth INR 3,853 crores during the June quarter.

Mumbai's southern micro market dominated the region with its highest record for average registered sales with INR 3.65 crores, 31% annual increase. Meanwhile, Navi Mumbai also noted growth by 19% to INR 60 lakhs in average registered sales value.

Furthermore, the Lodha Group (MacroTech Developers) remains at the forefront in total registered transactions as well as registered sales value. Lodha Upper Thane recorded the highest number of registered transactions, while Lodha Malabar set the record of highest registered sales value.

Birla Estates also experienced notable growth in registered sales value. Its project in Worli - Birla Naiyaara - has secured them the third position in June quarter.

Developers in Mumbai are experiencing a surge in suburbs and peripheral areas. According to the media report, there is a bulk of sales in the peripheral regions while the suburbs are experiencing high demand for "luxury and ultra-luxury projects."

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