MMR Residential Market Sees Growth: 7% Increase in Transactions and 10% Surge in Sales Value for September Quarter, Reports Square Yards
Residential transactions in Mumbai's Metropolitan Region (MMR) saw a significant rise in the September quarter. Data from Square Yards revealed that 52,745 residential transactions were registered with the IGR in Mumbai MMR from July to September 2024, marking a 7% year-on-year increase. Even more notable was the 10% growth in registered home sales value during the same period, which stood at Rs. 48,409 crore by the end of the quarter. This pushed the average home sales value in the region to nearly a crore, reflecting a 3% increase compared to the same period last year.
Ganesh Devadiga, Sales Director, Square Yards said, “Mumbai MMR has entered the festive season on a strong note, recording over half a lakh residential transactions in the September quarter. Our insights indicate that demand continues to span across all price brackets, with both peripheral and core suburbs demonstrating sustained activity. While the transaction volume registered a 7% year-on-year growth, the total sales value grew by 10%, underscoring the market's sustained appeal to developers. Our outlook for the region remains highly optimistic, as the upcoming festivals, such as Dussehra and Diwali, along with the developer-driven schemes and offers are expected to further bolster buyer sentiment. Additionally, recent infrastructure upgrades and the key ones underway are poised to enhance connectivity and overall livability in Mumbai MMR, providing a strong boost to the region’s real estate sector.”
Market Leaders and Key Projects
In the third quarter, Godrej Properties jumped from fourth place to the top among developers with the highest registered home sales value as compared to same period previous year. 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.
Area-wise and Budget-wise Trends
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.
Micro Market Performance
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 micro market recorded the highest average registered sales value at an impressive Rs. 3.01 crore. The Western and Harbour micro markets 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 among others 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.
