Mumbai MMR Records 7% Increase in Home Sales in Q3 2024
Godrej Properties led the market with the highest registered home sales value, and Godrej Reserve in Kandivali topped the list of successful projects. Conceptual Advisory Services also saw a strong entry, leading in the number of registered residential tr
Mumbai MmrResidential TransactionsGodrej PropertiesHome SalesReal Estate MarketReal Estate MumbaiOct 16, 2024
In the third quarter, Godrej Properties moved from fourth to first place among developers with the highest registered home sales value. The Godrej Reserve project in Kandivali emerged as the top-grossing project in Mumbai MMR during July-September 2024. Birla Estates and Dosti Group made their debut in the top 10 developers with the highest registered home sales value compared to the same period last year. Conceptual Advisory Services secured the lead in the number of registered residential transactions, selling 737 units through their Suraksha Smart City project in Vasai. The Lodha Group (Macrotech Developers) followed closely, securing second place with 694 units sold and a registered sales value of INR 1,060 crore.
The majority of residential transactions in the Mumbai MMR continue to be in the low-to-mid range, particularly in peripheral areas. The suburbs closer to Mumbai are witnessing a growing demand for premium properties. In the September quarter, properties priced below INR 50 lakh made up 52% of all transactions, up from 50% during the same period last year, driven by activity in peripheral regions. Properties priced above INR 1 crore represented 25% of total transactions. In terms of size, properties under 500 sq. ft. and those ranging from 500 to 1,000 sq. ft. accounted for 92% of all registered transactions. One-bedroom and two-bedroom units remain the most popular choices for homebuyers.
Peripheral suburbs dominated the market in the September quarter. Kalyan-Dombivli and Navi Mumbai each accounted for about 20% of the total 52,745 registered residential transactions. Mumbai's western suburbs followed closely with 18% of the total transactions and led in registered home sales value, capturing 32% of the total INR 46,409 crore during the July to September 2024 period.
Thane West maintained its leading position in both transaction volume and value, with 3,895 units registered and a total value of INR 3,568 crore. Dombivli East and Mira Road East followed in total registered residential transactions, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value. Mumbai's Southern micromarket achieved the highest average registered sales value at INR 3.01 crore, followed by the Western and Harbour micro markets at INR 1.63 crore. In contrast, Kalyan-Dombivli, Mira Road, and surrounding areas registered the lowest average home sales values but collectively represented 37% of the total residential transactions.
Looking ahead, the Mumbai MMR is expected to maintain its growth momentum, especially during the festive season, which includes Navratri, Dussehra, and Diwali. These auspicious times traditionally see a surge in property bookings, prompting developers to offer incentives such as flexible payment options and discounts to boost sales. Several infrastructure developments, including the launch of Mumbai Metro Line-3, Atal Setu, and the upcoming Thane Integral Ring Metro Rail Project and Elevated Eastern Freeway Extension, are set to enhance connectivity across the region. These improvements are expected to positively impact both residential and commercial real estate markets, further boosting homebuyer confidence and demand.
The continued growth in Mumbai's residential transactions reflects a resilient market, driven by affordable housing demand and promising infrastructure developments. With the festive season approaching, real estate activity is anticipated to surge, strengthening overall market confidence.
Frequently Asked Questions
What was the percentage increase in residential transactions in the Mumbai MMR in the September quarter of 2024?
The residential transactions in the Mumbai MMR saw a 7% year-on-year increase in the September quarter of 2024.
Which developer led the market in registered home sales value in the September quarter of 2024?
Godrej Properties led the market with the highest registered home sales value in the September quarter of 2024.
What was the top-grossing project in Mumbai MMR during the July-September 2024 period?
Godrej Reserve in Kandivali emerged as the top-grossing project in Mumbai MMR during the July-September 2024 period.
Which areas in Mumbai MMR saw the highest number of residential transactions in the September quarter?
Kalyan-Dombivli and Navi Mumbai each accounted for about 20% of the total 52,745 registered residential transactions in the September quarter.
What are the key infrastructure developments expected to boost the real estate market in Mumbai MMR?
Key infrastructure developments include the launch of Mumbai Metro Line-3, Atal Setu, the Thane Integral Ring Metro Rail Project, and the Elevated Eastern Freeway Extension.
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