Navi Mumbai Surges Ahead with 23% Sales Growth in 2024, Outpacing Greater Mumbai and Thane
A recent report from Anarock Property Consultants highlights a dramatic 23% increase in apartment sales in Navi Mumbai, while Greater Mumbai and Thane experienced declines in 2024. The study also notes a reduction in new supply across the regions, particu
Navi MumbaiGreater MumbaiThaneApartment SalesReal EstateReal Estate MumbaiJan 01, 2025
However, Navi Mumbai witnessed a robust growth rate of 23%, reflecting a strong residential market in the region.
The Mumbai Metropolitan Region (MMR) recorded a total of 1,55,335 units sold in 2024.
Greater Mumbai (BMC area) accounted for the majority of the sales with 1,07,530 units sold, representing over 69% of the region's total.
In 2023, Greater Mumbai had registered 1,10,450 sales, indicating a marginal dip in sales this year.
Thane experienced a 6% decrease in sales, from 19,240 units in 2023 to 18,165 units in 2024.
In contrast, Navi Mumbai saw a significant rise in sales, increasing from 24,180 units in 2023 to 29,640 units in 2024.
Anarock Property Consultants' report indicates that the MMR launched a total of 1,34,500 new units in 2024.
Greater Mumbai contributed 72% of the new supply with 97,260 units launched, while Navi Mumbai saw 22,040 units (16% share) and Thane saw 15,200 units (11% share).
However, new supply in Greater Mumbai was reduced by 14% compared to 2023, when 1,13,590 units were launched.
Navi Mumbai saw a decrease of 23%, from 28,510 units in 2023 to 22,040 units in 2024, while Thane experienced a minor decline of 3%.
By the end of 2024, the MMR had nearly 1,80,965 unsold units.
Greater Mumbai accounted for 75% of this unsold stock.
The city managed to reduce its unsold inventory by 7% from 1,46,770 units in 2023 to about 1,36,500 units in 2024.
Navi Mumbai's unsold inventory stood at 24,040 units by the year-end, marking a 24% decline from 31,640 units in 2023.
In conclusion, Navi Mumbai emerged as a strong performer with significant growth in sales in 2024.
Despite dips in sales and new supply in certain areas, the Mumbai Metropolitan Region (MMR) maintained a relatively stable performance overall.
The reduction in unsold inventory, particularly in Greater Mumbai, signals a positive trend towards a more balanced market.
As the region continues to adapt to evolving market conditions, the resilience of Navi Mumbai and the ongoing demand in MMR suggest a cautiously optimistic outlook for the future.
Frequently Asked Questions
What was the overall growth in apartment sales in Navi Mumbai in 2024?
Navi Mumbai experienced a robust growth rate of 23% in apartment sales in 2024.
How did the sales in Greater Mumbai and Thane compare in 2024?
Greater Mumbai saw a slight decline of 3% in apartment sales, while Thane experienced a 6% decrease in 2024 compared to the previous year.
What was the total number of units sold in the Mumbai Metropolitan Region (MMR) in 2024?
The MMR recorded a total of 1,55,335 units sold in 2024.
How did the new supply of units in Greater Mumbai change in 2024?
New supply in Greater Mumbai decreased by 14% in 2024 compared to 2023.
What was the reduction in unsold inventory in Navi Mumbai by the end of 2024?
Navi Mumbai's unsold inventory stood at 24,040 units by the year-end, marking a 24% decline from 31,640 units in 2023.
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