Mumbai MMR Sees 7% Growth in Residential Registered Transactions
In the third quarter, Godrej Properties jumped from fourth place to the top among developers with the highest registered home sales value, marking a significant rise in the Mumbai Metropolitan Region (MMR).
Mumbai MmrResidential TransactionsReal EstateProperty SalesDevelopersReal Estate MumbaiOct 11, 2024
In the third quarter, Godrej Properties jumped from fourth place to the top among developers with the highest registered home sales value. In July-September 2024, Godrej Reserve in Kandivli emerged as the highest-grossing project in Mumbai MMR. Compared to the September quarter of the previous year, Birla Estates and Dosti Group emerged as new entrants in the top-10 developers with the highest registered home sales value.
Conceptual Advisory Services entered and 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) followed closely, ranking second in both total registered transactions and registered sales value, with 694 units and Rs. 1,060 crore, respectively.
In Mumbai MMR, the majority of residential transactions continue to occur in the low-to-mid range, particularly in peripheral regions, while suburbs closer to Mumbai are witnessing increased demand for premium properties. This trend persisted in the September quarter, with properties priced below Rs. 50 lakh accounting for 52% of all transactions, up from 50% during the same period last year, largely driven by peripheral areas.
On the other hand, properties priced above Rs. 1 crore continued to account for a significant 25% of the total transactions. In terms of size, properties under 500 sq. ft., followed by those between 500–1,000 sq. ft., dominated, representing 92% of all registered transactions, as 1 BHK and 2 BHK units remain the most popular choices for homebuyers in the region.
Peripheral suburbs continued to dominate the Mumbai MMR market in the September quarter. Kalyan-Dombivli along with its neighbouring areas and Navi Mumbai, each accounted for an approximate 20% share of the overall 52,745 registered residential transactions. Following closely were Mumbai's western suburbs, which captured 18% of total transactions. Notably, the western suburbs led in terms of registered home sales value, securing the largest share at 32% of the overall Rs. 46,409 crore during the July-September 2024 period.
Thane West maintained its position as the top locality in both the volume and value of registrations, with 3,895 units registered, totalling Rs. 3,568 crore in the September quarter. 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.
Mumbai's Southern micromarket recorded the highest average registered sales value at an impressive Rs. 3.01 crore. The Western and Harbour micromarkets followed, with average sales values of Rs. 1.63 crore. In contrast, Kalyan-Dombivli, Mira Road, and their neighbouring localities continued to see relatively lowest average registered home sales values within the Mumbai MMR region while taking 37% share in the total registered residential transaction.
For the coming period, the growth momentum in Mumbai MMR is expected to continue, buoyed by the festive season, which includes Navratri, Dussehra, and Diwali. These auspicious periods are traditionally associated with higher property bookings, and developers are likely to offer incentives such as flexible payment plans and discounts to boost sales. Additionally, several infrastructure projects, including the inauguration of Mumbai Metro Line-3, Atal Setu, and the upcoming Thane Integral Ring Metro Rail Project and Elevated Eastern Freeway Extension, are expected to enhance connectivity across the region. These upgrades are poised to have a positive impact on both residential and commercial real estate markets in the coming months, further boosting homebuyer confidence and demand in the region.
Frequently Asked Questions
What is the percentage increase in residential transactions in Mumbai MMR in the September quarter?
Residential transactions in Mumbai MMR saw a 7% year-on-year increase in the September quarter.
Which developer topped the list in the highest registered home sales value in the third quarter?
Godrej Properties topped the list in the highest registered home sales value in the third quarter.
How many residential transactions were registered with the IGR in Mumbai MMR from July to September 2024?
52,745 residential transactions were registered with the IGR in Mumbai MMR from July to September 2024.
Which micromarket in Mumbai recorded the highest average registered sales value?
Mumbai's Southern micromarket recorded the highest average registered sales value at Rs. 3.01 crore.
What are some upcoming infrastructure projects that are expected to enhance connectivity in Mumbai MMR?
Some upcoming infrastructure projects include the inauguration of Mumbai Metro Line-3, Atal Setu, the Thane Integral Ring Metro Rail Project, and the Elevated Eastern Freeway Extension.
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