Mumbai Metropolitan Region Sees 5% Rise in Housing Sales in FY24
Navi Mumbai witnesses highest spike in unsold inventory, while South Mumbai's luxury projects see maximum sales
Mumbai Real EstateHousing SalesUnsold InventoryNavi MumbaiSouth MumbaiCredai MchiCre MatrixReal Estate NewsJul 01, 2024
Navi Mumbai saw the highest spike in unsold inventory, with a 63% increase to 9,037 units in FY24 from 5,559 units in FY23. However, sales in Navi Mumbai also increased by 22% to 2,426 units in FY24 from 1,982 units in FY23. The area was the only location in MMR where launches increased, with a 57% rise to 5,904 units in FY24 from 3,834 units in FY23.
South Mumbai's luxury projects saw maximum sales, with a 41% growth in sales in FY24 compared to FY23. The number of housing units sold went up to 2,154 from 1,525. However, unsold inventory in South Mumbai witnessed a marginal 2% increase in FY24 to 13,814 units from 14,141 units.
Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, said,
Frequently Asked Questions
What is the percentage increase in housing sales in MMR in FY24?
5%
Which area saw the highest spike in unsold inventory in MMR?
Navi Mumbai
What is the growth rate of sales in South Mumbai's luxury projects in FY24?
41%
What is the percentage decline in launches in MMR in FY24?
22%
What is the likely impact of rising unsold inventory on developers?
Developers may get trapped if they don't launch the right product
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