The Cost of Owning a Home in Mumbai: A Comprehensive Guide
Discover the average home sales value in Mumbai Metropolitan Region, which hit a record Rs 94 lakh in Q2 2024, and learn about the trends shaping the city's real estate market.
Mumbai Real EstateHome SalesProperty PricesIndian Real Estate MarketResidential PropertyReal Estate MaharashtraJul 15, 2024
This growth is attributed to the increasing demand for premium properties from Grade A developers, not only in Mumbai but also in the peripheral areas. Indrajit Sidhanta, Principal Partner and Head of Business Development at Square Yards, notes that this reflects the confidence of buyers and investors in the region's robust residential real estate sector.
Despite a decline in the total number of registered transactions by 15% on a year-on-year basis, the registered sales value stood at Rs 46,833 crore, a 6% decline. However, Sidhanta expects an upswing in the coming months as developers position themselves strategically in key areas for the festive season.
Delving deeper into the micro-market performance, the peripheral suburbs, led by Kalyan-Dombivli, Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, accounted for the highest share of registered transactions at 21%. The Western suburbs, on the other hand, dominated the registered sales value with a 31% share, with Thane West emerging as the top locality, recording Rs 3,853 crore in sales.
The Southern micro-market witnessed the highest average registered sales value at Rs 3.65 crore, a 31% annual increase. Navi Mumbai also saw noteworthy growth, with a 19% increase in average registered sales value to Rs 60 lakh.
Whether you're a first-time homebuyer or a seasoned investor, understanding the trends shaping Mumbai's real estate market is crucial in making informed decisions. As the city continues to grow and evolve, it's essential to stay up-to-date on the latest developments and trends.
Information
Square Yards is a proptech firm that provides comprehensive real estate solutions to buyers, sellers, and investors. With a strong presence in India and the Middle East, the company has established itself as a trusted advisor in the real estate sector.
Square Yards is a leading proptech firm that offers innovative real estate solutions to its clients. With a team of experienced professionals and a robust technology platform, the company has become a go-to partner for buyers, sellers, and investors in the real estate sector.
Frequently Asked Questions
What is the average registered home sales value in Mumbai Metropolitan Region?
Rs 94 lakh
What is the primary reason for the growth in home sales value in Mumbai?
Increasing demand for premium properties from Grade A developers
Which micro-market witnessed the highest average registered sales value in Mumbai?
The Southern micro-market
What is the expected trend in Mumbai's real estate market in the coming months?
An upswing in sales value and transactions
Which company provided the data on Mumbai's real estate market?
Square Yards
Related News Articles
Technical Glitches Disrupt Tenancy Registrations Across State: IGR in Talks with UIDAI
Real estate association representative Sachin Shinghavi highlights technical issues, including payment integration problems with the GRAS website, causing disruptions in tenancy registrations statewide.
Alexandria Real Estate Stock Downgraded by BofA on Slowed NOI Growth Outlook
Bank of America Securities has downgraded Alexandria Real Estate Equities' stock from Buy to Neutral, citing slowed NOI growth outlook.
Vascon Engineers Launches Rs 300-Cr Luxury Project in Mumbai
Vascon Engineers, a prominent EPC and real estate company, has made a significant foray into Mumbai's luxury property market with the launch of 'Vascon Orchids', a Rs 300-crore residential project.
Housing.com Transforms Real Estate with 3D, AR, and VR Innovations
Housing.com has been at the forefront of real estate technology, introducing 3D, augmented reality (AR), and virtual reality (VR) tools over a decade ago, significantly enhancing the home-buying experience.
Green Street Expands Global Footprint with Acquisition of Australian Property Journal
Green Street, a leading provider of real estate intelligence, has acquired the Australian Property Journal to enhance its global news coverage, focusing on REITs, investment sales, and leasing transactions.
Affordable Housing Market Faces Significant Challenges in Ahmedabad
The affordable housing market in Ahmedabad has faced numerous setbacks this year, with sales of houses below the ₹30 lakh mark experiencing a notable decline. Find out what's driving this trend and what it means for prospective buyers and the real estate industry.