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.
Related News Articles
Rustomjee Launches Belle Vie: A Luxury Plotted Development in Kasara
Mumbai, Maharashtra, India: Rustomjee Group, a leading real estate developer, announces its entry into plotted development with the launch of Belle Vie, a luxury residential project in Kasara.
TGRERA Directs Aliens Developers to Expedite Project and Pay Interest for Delay
The Telangana Real Estate Regulatory Authority (TGRERA) has issued a directive to Aliens Developers to expedite the completion of the 'Aliens Space Station' and to pay interest for the delay in project delivery.
Signature Global Acquires 16-Acre Land in Gurugram for ₹300 Crore; Plans Premium Housing Project
Gurugram-based real estate developer Signature Global has acquired a 16.12-acre land parcel for about ₹300 crore in Gurugram. The company plans to develop a premium housing project with units priced between ₹3 crore and ₹4 crore.
Union Budget 2025-26: How the Rs 12 Lakh Nil Tax Slab Enhances Spending Power for Homebuyers?
The Finance Minister's Union Budget 2025 measures have provided a significant boost to the real estate industry. With the completion of 50,000 housing units under the SWAMIH initiative, homebuyers are set to benefit from increased spending power due to th
Unlocking Excellence: Discover the Benefits of a Swiss Boarding School
Swiss boarding schools are renowned for their high standards of education and holistic development. Discover why sending your child to one might be the best decision for their future.
Macrotech Developers Acquires 10 Land Parcels to Develop Rs 24,000 Crore Worth Housing Projects
Macrotech Developers, a leading real estate developer with a robust presence in MMR, Pune, and Bengaluru, has made significant strides by acquiring 10 land parcels in FY25. The company plans to develop these parcels into high-value housing projects worth Rs 24,000 crore.