Mumbai Metropolitan Region Housing Market Report 2024: Trends and Insights
Get insights into the Mumbai Metropolitan Region's housing market, including sales trends, inventory, and property values across various regions.
Real EstateMumbai Metropolitan RegionHousing MarketCredai MchiCre MatrixReal EstateJul 02, 2024
The MMR Housing Report 2024, released by CREDAI-MCHI and CRE Matrix, provides a comprehensive analysis of the region's real estate landscape. Key findings from the report highlight a substantial 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, bolstered by improved connectivity and infrastructure developments.
Information
CREDAI-MCHI is the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR). CRE Matrix is a leading real estate data and analytics firm.
CREDAI-MCHI, in partnership with CRE Matrix, aims to provide stakeholders with accurate and actionable data, fostering informed decision-making in the dynamic MMR real estate market.
The report also documents a steady rise in the average value of housing units across MMR, with a notable 4% increase in FY 2024 compared to the previous fiscal year. Specific regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar experienced a 7-12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.
Abhishek Kiran Gupta, CEO and Co-Founder of CRE Matrix, noted that despite a slight decline in growth rates of housing sales, MMR still scaled new peaks in housing demand in FY'24. The Demand to Supply ratio in MMR has never been this high, with a 22% decline in launches and a 5% growth in sales.
The report underscores the dynamic nature of the MMR real estate market, with significant variations in performance across different regions. For instance, while Central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario.
Region-wise Performance
A detailed breakdown of sales, new housing launches, unsold inventories, and apartment values across various regions in MMR is provided in the report.
Frequently Asked Questions
What is the overall sales growth in MMR in FY 2024 compared to FY 2023?
The overall sales growth in MMR is 5% in FY 2024 compared to FY 2023.
Which region saw a substantial 41% surge in sales in FY 2024?
South Mumbai saw a substantial 41% surge in sales in FY 2024, driven by the redevelopment of old buildings into high-end luxury projects.
What is the average increase in apartment values across MMR in FY 2024 compared to the previous fiscal year?
The average increase in apartment values across MMR is 4% in FY 2024 compared to the previous fiscal year.
Which region saw a 25% increase in apartment values in FY 2024?
The Rest of Palghar region saw a 25% increase in apartment values in FY 2024.
What is the Demand to Supply ratio in MMR in FY'24?
The Demand to Supply ratio in MMR has never been this high, with a 22% decline in launches and a 5% growth in sales in FY'24.
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