Robust Growth in Mumbai Metropolitan Region (MMR) Property Market in Early 2024
The Mumbai Metropolitan Region (MMR) has demonstrated strong growth in the residential property market in the first quarter of 2024. According to data collated by real estate consultancy firm Square Yards, there were 60,719 residential property transactions in MMR, amounting to a total of Rs 54,239 crore. This figure represents a significant increase from the 46,638 transactions recorded in the last quarter of the previous fiscal year, which had a total value of Rs 39,170 crore.
Leading Localities for Residential Transactions
The data highlights several micro-markets within MMR as hotspots for residential purchases. Thane West led the pack with over 5,000 units sold, accumulating over Rs 4,948 crore in sales. Dombivali East and Mira Road also featured prominently, with thousands of transactions valued at several crores, emphasizing their popularity among homebuyers and investors alike.
Market Preferences and Trends
The market showed a pronounced preference for affordability, with properties priced below Rs 50 lakh making up 51% of the transactions during this period. The segment for properties priced between Rs 50 lakh to Rs 1 crore also remained strong, accounting for 24% of the market activity.
In terms of property sizes, smaller units (0-500 sqft) were the most popular, comprising 56% of the transactions, indicating a trend towards more compact living spaces.
Infrastructure Development Driving Market Appeal
The introduction of new infrastructure, particularly the expansion of metro lines enhancing connectivity to major hubs, has made MMR a buyer-friendly market. The enhanced connectivity is opening up new micro-markets for investment opportunities, with improved infrastructure and transportation facilities significantly contributing to the overall appeal of regions like Thane.
Top Developers and Market Performance
Macrotech Developers, operating under the brand name Lodha, emerged as a top performer in terms of both sales volume and units sold, with 1,881 units sold totaling Rs 2,318 crores. Oberoi Realty and Runwal Group also performed notably in terms of total sales value and the number of units sold, respectively.
The first quarter of 2024 has marked a significant upturn in the real estate market in MMR, driven by affordable housing demand and substantial infrastructure developments. This trend is not only enhancing the region's appeal to new homebuyers and investors but also fostering a robust economic environment conducive to further growth and development in the real estate sector.
