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The Indian housing market witnessed mixed trends in 2024, with a 4% drop in sales volume across seven major cities, attributed to delays in regulatory approvals and election-related slowdowns, as per a report by Anarock. However, the sector saw a significant 16% increase in sales value, reaching INR 5.68 lakh crore, driven by a 21% rise in average housing prices. Cities like Bengaluru and the Mumbai Metropolitan Region experienced minor sales growth, while others, such as Kolkata and Chennai, saw double-digit declines. The report from Anarock highlights price appreciation and growing unit sizes as key factors mitigating the impact of reduced sales.
Apartment sales in Greater Mumbai declined by 3% and in Thane by 6% in 2024 when compared to the previous year. However, Navi Mumbai experienced a healthy growth rate of 23%. In total, the Mumbai Metropolitan Region (MMR) recorded 1,55,335 units sold in 2024. Greater Mumbai (BMC area) accounted for the majority of the sales, with 1,07,530 units sold, representing over 69% of the region's total. In 2023, Greater Mumbai had registered 1,10,450 sales, indicating a slight dip in sales this year. Advertisement
Thane saw a decrease in sales by 6%, from 19,240 units in 2023 to 18,165 units in 2024. On the other hand, Navi Mumbai witnessed a substantial rise in sales, increasing from 24,180 units in 2023 to 29,640 units in 2024.
According to an Anarock report, MMR launched a total of 1,34,500 new units in 2024. Mumbai contributed to 72% of the new supply, with 97,260 units launched, while Navi Mumbai saw 22,040 units (16% share) and Thane saw 15,200 units (11% share). However, new supply in Greater Mumbai was reduced by 14% compared to 2023, when 1,13,590 units were launched. Navi Mumbai saw a decrease of 23%, from 28,510 units in 2023 to 22,040 units in 2024, while Thane saw a minor decline of 3%.
By the end of 2024, the MMR had nearly 1,80,965 unsold units. Mumbai accounted for 75% of this unsold stock. The city was able to reduce its unsold inventory by 7% from 1,46,770 units in 2023 to about 1,36,500 units in 2024. Navi Mumbai's unsold inventory stood at 24,040 units by the year-end, marking a 24% decline from 31,640 units in 2023.
In conclusion, Navi Mumbai emerged as a strong performer with significant growth in sales in 2024. Despite the dip in sales and new supply in certain areas, the Mumbai Metropolitan Region (MMR) saw a relatively stable performance overall. The reduction in unsold inventory, particularly in Greater Mumbai, indicates a positive trend towards a more balanced market. As the region continues to adapt to evolving market conditions, the resilience of Navi Mumbai and the ongoing demand in MMR signal a cautiously optimistic outlook for the future.
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