Mumbai Housing Transactions Surge 7% YoY in Q3, Festive Offers to Boost Demand
Godrej Properties clinched the top spot as its Kandivli project became the highest-grossing in Mumbai during the July-September period.
Mumbai Real EstateHousing TransactionsProperty MarketFestive OffersInfrastructure UpgradesReal Estate MumbaiOct 10, 2024
Ganesh Devadiga, Sales Director at Square Yards, stated, 'Our insights indicate that demand continues to span across all price brackets, with both peripheral and core suburbs demonstrating sustained activity. Our outlook for the region remains highly optimistic, as the upcoming festivals, such as Dussehra and Diwali, along with developer-driven schemes and offers, are expected to further bolster buyer sentiment.' He added, 'Additionally, recent infrastructure upgrades and the key ones underway are poised to enhance connectivity and overall livability in Mumbai MMR, providing a strong boost to the region’s real estate sector.'
Regional Breakdown\nThe report highlighted that properties priced below ₹50 lakh accounted for 52% of all transactions during the quarter, up from 50% during the same period last year, primarily driven by peripheral areas. On the other hand, properties priced above ₹1 crore accounted for 25% of the total transactions. In terms of size, properties under 500 square feet, followed by those between 500–1,000 square feet, dominated, representing 92% of all registered transactions. 1 BHK and 2 BHK units remained the most popular choices for homebuyers in the region.
Peripheral suburbs continued to dominate the MMR market in the September quarter. Kalyan-Dombivli and its neighboring areas, along with Navi Mumbai, each accounted for approximately 20% of the 52,745 registered residential transactions. Mumbai's western suburbs captured 18% of total transactions. The western suburbs also led in terms of registered home sales value, securing the largest share at 32% of the overall ₹46,409 crore clocked during the September quarter.
Thane West maintained its position as the top locality in both the volume and value of registrations, with 3,895 units registered, totaling ₹3,568 crore in the three-month period. Dombivli East and Mira Road East followed Thane West in total registered residential transactions, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value.
Top Performers and Key Projects\nIn the third quarter, Godrej Properties rose from fourth place to the top among developers with the highest registered home sales value. Godrej Reserve in Kandivli emerged as the highest-grossing project in the city during July-September 2024. Birla Estates and Dosti Group emerged as new entrants in the top ten developers with the highest registered home sales value, compared to the September quarter of the previous year.
Conceptual Advisory Services topped the list of developers with the highest number of registered residential transactions, with 737 units registered in their Suraksha Smart City project located in Vasai during the quarter. Lodha Group (Macrotech Developers) ranked second in both total registered transactions and registered sales value, with 694 units and ₹1,060 crore, respectively.
Frequently Asked Questions
What was the percentage increase in residential real estate transactions in Mumbai MMR during the July-September period of 2024?
Residential real estate transactions in the Mumbai Metropolitan Region (MMR) increased by 7% year-on-year, reaching 52,745 during the July-September period of 2024.
How much did the registered home sales value grow in the same period?
The registered home sales value grew by 10% annually, totaling ₹48,409 crore.
Which project was the highest-grossing in Mumbai during the July-September period?
Godrej Reserve in Kandivli emerged as the highest-grossing project in Mumbai during the July-September period of 2024.
Which areas dominated the MMR market in the September quarter?
Peripheral suburbs, particularly Kalyan-Dombivli and Navi Mumbai, each accounted for approximately 20% of the 52,745 registered residential transactions, while Mumbai's western suburbs captured 18% of total transactions.
What factors are expected to boost buyer sentiment in the Mumbai real estate market?
Upcoming festivals like Dussehra and Diwali, along with developer-driven schemes and offers, are expected to bolster buyer sentiment. Recent infrastructure upgrades and ongoing projects are also enhancing connectivity and overall livability in the region.
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