The Inspector General of Registration (IGR) data review by Square Yards shows that the residential market in the Mumbai Metropolitan Region (MMR), which includes apartments, plots, and villas, recorded 68,082 registered units in the December quarter of 2024, a 5% increase from the previous quarter.
The value of all registered home sales for the quarter was Rs. 68,025 crore, an 11% increase over the September 2024 quarter. Due to the rise in transaction volume and value, the average registered sales value per unit has increased by 7% to Rs 1 crore from Rs 94 lakh in the preceding quarter.
“The Mumbai MMR residential market has maintained strong momentum, with both transaction volumes and gross sales value continuing to rise,” stated Ganesh Devadiga, sales director at Square Yards. The majority of residential transactions take place in peripheral areas, although the value of gross sales is driven by the western and southern suburbs. The market is changing as a result of redevelopment in central and southern Mumbai, opening up new prospects for developers and homebuyers alike.
Simultaneously, peripheral infrastructure improvements will improve connectivity, enhancing end users’ interest in these places. Overall, we believe that Mumbai’s and the surrounding metropolitan area’s residential demand fundamentals will continue to be robust due to economic growth and the development of urban infrastructure.
Conceptual Advisory Services was the driving force behind 973 recorded transactions in Vasai East’s Suraksha Smart City. With 852 transactions, Lodha Group came in second, driven by Lodha Crown in Thane West. Dosti Group, supported by Dosti West County, came in third with 589 transactions.
Because of Lodha Bellevue in Mahalaxmi, the Lodha Group has the highest sales value at Rs 1,787 crore. Oberoi Realty came in third place with Rs 1,340 crore, helped by Oberoi Three Sixty West in Worli, while Godrej Properties secured Rs 1,460 crore, led by Godrej Reserve in Kandivli.
Demand is dominated by compact dwellings, with 54% of deals involving units smaller than 500 square feet. 50% of deals were properties under Rs 50 lakh, while 26% involved properties over Rs 1 crore, mostly in Thane and South Mumbai.
With 20% of transactions, Kalyan-Dombivli was in first place, followed by Navi Mumbai (18%) and the western suburbs. With a sales value of Rs 5,348 crore, Thane West had the highest value.
MMR’s residential market is still robust thanks to infrastructural initiatives like the Navi Mumbai Airport and metro expansion, which guarantee ongoing growth and accessibility in both central and outlying locations.
Source: Construction Week
