Mumbai Real Estate Market Sees 10% Growth in Average Home Sales Value
The Mumbai Metropolitan Region (MMR) has witnessed a 10% year-over-year growth in average registered home sales value in the second quarter of 2024, with a total of 50,025 residential real estate transactions registered, amounting to a sales value of INR
Mumbai Real EstateMmrSquare YardsLodha GroupBirla EstatesReal Estate MumbaiAug 02, 2024
Peripheral suburbs areas like Kalyan-Dombivali and its neighbouring localities, including Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, are leading the market with the highest share of 21% in the overall registered residential transactions. Mumbai's Western Suburbs, on the other hand, hold the highest share of 31% in the registered home sales value, amounting to INR 46,833 crores during the April-June 2024 period.
According to a media report, localities such as Thane West, Dombivali East, and Mira Road East are at the top of the region in terms of total registered transactions in Q2 2024. Thane West set a record of selling properties worth INR 3,853 crores during the June quarter.Mumbai's southern micro market dominated the region with its highest record for average registered sales, amounting to INR 3.65 crores, a 31% annual increase. Meanwhile, Navi Mumbai also noted a growth of 19% to INR 60 lakhs in average registered sales value.
The Lodha Group (MacroTech Developers) remains at the forefront in terms of total registered transactions as well as registered sales value. Lodha Upper Thane recorded the highest number of registered transactions, while Lodha Malabar set the record for the highest registered sales value.\n\nBirla Estates also experienced notable growth in registered sales value, with its project in Worli, Birla Naiyaara, securing the third position in the June quarter.Developers in Mumbai are experiencing a surge in suburbs and peripheral areas, with a bulk of sales in the peripheral regions and high demand for luxury and ultra-luxury projects in the suburbs.
Frequently Asked Questions
What is the growth rate of average registered home sales value in the Mumbai Metropolitan Region (MMR) in Q2 2024?
10% year-over-year growth
How many residential real estate transactions were registered in the June 2024 quarter in MMR?
50,025
Which area leads the market in terms of the highest share of registered residential transactions?
Peripheral suburbs areas like Kalyan-Dombivali and its neighbouring localities
Which locality holds the record for the highest registered sales value in Q2 2024?
Thane West
Which developer group remains at the forefront in terms of total registered transactions and registered sales value?
Lodha Group (MacroTech Developers)
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