Mumbai MMR: Residential Sales Surge by 7% YoY in Q2 2024
Mumbai MMR has recorded a significant 7% year-on-year increase in residential transactions, with the festive season and infrastructure upgrades expected to further boost the real estate sector.
Mumbai MmrReal EstateResidential SalesHome PricesProperty TransactionsReal Estate MumbaiOct 10, 2024
Ganesh Devadiga, Sales Director at Square Yards, commented, “Mumbai MMR has entered the festive season on a strong note, with over half-a-lakh residential transactions recorded in the September quarter. Our insights indicate that demand spans across all price brackets, with both peripheral and core suburbs showing sustained activity. The transaction volume has grown by 7% YoY, while the total sales value has risen by 10%, highlighting the market's continued appeal to developers.”
Looking ahead, Devadiga remains optimistic “Our outlook for the region is highly positive. The upcoming festivals, such as Dussehra and Diwali, along with developer-driven schemes and offers are expected to further enhance buyer sentiment. Recent infrastructure upgrades and ongoing projects are set to improve connectivity and overall liveability in Mumbai MMR, providing a strong boost to the real estate sector.”
In Mumbai MMR, the majority of residential transactions continue to occur in the low-to-mid range, particularly in peripheral regions. During the September quarter, properties priced below Rs 50 lakh accounted for 52% of all transactions, up from 50% in the same period last year. This trend is largely driven by the peripheral areas. On the higher end, properties priced above Rs 1 crore made up a significant 25% of the total transactions.
In terms of size, properties under 500 sq ft, followed by those between 500 and 1,000 sq ft, dominated the market, representing 92% of all registered transactions. One and two-bedroom units (1 BHK and 2 BHK) remain the most popular choices for homebuyers in the region.
Square Yards is a leading real estate platform that provides end-to-end solutions for property buyers and sellers. With a focus on transparency and customer satisfaction, Square Yards aims to streamline the property buying and selling process, making it easier for individuals to find their ideal homes.
Frequently Asked Questions
What is the percentage increase in residential transactions in Mumbai MMR for Q2 2024 compared to the previous year?
Residential transactions in Mumbai MMR increased by 7% year-on-year (YoY) in the September quarter of 2024.
How much did the total home sales value grow in Q2 2024 in Mumbai MMR?
The total home sales value in Mumbai MMR grew by 10% in the September quarter of 2024, reaching Rs 48,409 crore.
What is the average home sales value in Mumbai MMR as of the September quarter 2024?
The average home sales value in Mumbai MMR as of the September quarter 2024 is nearly a crore, reflecting a 3% increase compared to the same period last year.
Which price bracket accounts for the majority of residential transactions in Mumbai MMR?
Properties priced below Rs 50 lakh account for 52% of all residential transactions in Mumbai MMR, particularly in peripheral areas.
What are the most popular property sizes and types in Mumbai MMR?
Properties under 500 sq ft and those between 500 and 1,000 sq ft dominate the market, representing 92% of all registered transactions. One and two-bedroom units (1 BHK and 2 BHK) are the most popular choices for homebuyers in the region.
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