Housing Sales in MMR Witness a Significant Surge
CREDAI-MCHI report reveals increased housing property sales in Mumbai MMR, Thane, Navi Mumbai, and Palghar.
Housing SalesMmrCredai MchiProperty MarketReal EstateReal Estate MaharashtraJul 02, 2024
It highlights a substantial surge in sales in certain regions, including South Mumbai, which saw a 41 per cent increase driven by the redevelopment of old buildings into luxury projects. Navi Mumbai followed with a 22 per cent increase in sales. However, the report also notes a 63 per cent rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.
Meanwhile, the average value of housing units across MMR has seen a steady rise, with a 4 per cent increase in FY 2024 compared to the previous fiscal year. As per the report, Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar, experienced a 7-12 per cent appreciation in apartment values, while the Rest of Palghar region saw an 25 per cent increase. While Central Mumbai recorded a 12 per cent drop in unsold inventory, the overall MMR region saw a modest 5 per cent increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario, said the report.
Frequently Asked Questions
What is the percentage increase in housing sales in MMR in FY 2024 compared to FY 2023?
5 per cent
Which region saw a 41 per cent increase in housing sales driven by the redevelopment of old buildings into luxury projects?
South Mumbai
What is the percentage increase in unsold inventory in Navi Mumbai?
63 per cent
Which region saw a 25 per cent appreciation in apartment values?
Rest of Palghar
What is the percentage drop in unsold inventory in Central Mumbai?
12 per cent
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