MMR Market Shows Resilience as Home Sales Value Rises by 10%

Mumbai, Maharashtra, October 10, 2024 – The residential market in Mumbai’s Metropolitan Region (MMR) is experiencing a notable resurgence, with a 7% increase in registered transactions and a remarkable 10% growth in sales value during the September quarter. According to data from Square Yards, 52,745 residential transactions were recorded from July to September 2024, translating to a total sales value of Rs. 48,409 crore.

Key Highlights of the Q3 2024 Performance

In the September quarter, the average sales value of homes in MMR reached nearly Rs. 1 crore, reflecting a 3% increase year-on-year. This growth is indicative of strong market demand across various price segments, particularly in peripheral suburbs and established areas.

Ganesh Devadiga, Sales Director at Square Yards, commented, “The festive season has kickstarted with robust sales, demonstrating strong buyer confidence. Upcoming festivals like Dussehra and Diwali, alongside developer promotions, are expected to further energize the market.”

Leading Developers and High-Performing Projects

Godrej Properties emerged as the top developer in home sales value for the quarter, significantly climbing from fourth place last year. Their project, Godrej Reserve in Kandivli, was the highest-grossing development. Conceptual Advisory Services made an impressive entry, leading in the number of registered transactions with their Suraksha Smart City project in Vasai.

Transaction Trends: Area and Budget Insights

The majority of transactions remain concentrated in the low-to-mid range, with properties priced below Rs. 50 lakh making up 52% of all transactions, a rise from 50% the previous year. Additionally, properties above Rs. 1 crore constituted 25% of total transactions, highlighting a growing demand for premium properties in the suburbs.

Market Outlook: Growth Momentum Continues

As Mumbai MMR gears up for the festive season, enhanced connectivity from ongoing infrastructure projects—such as Mumbai Metro Line-3 and the Thane Integral Ring Metro Rail Project—will likely bolster residential and commercial real estate sectors. The region’s resilience amid economic fluctuations suggests a positive trajectory for homebuyers and investors alike.