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The Mumbai Metropolitan Region (MMR) has recorded an unprecedented surge in average registered home sales value in the second quarter of 2024, according to the latest report by Square Yards. The average registered home sales value basis the IGR data, analysed by Square Yards, reached a record-high of Rs. 94 lakhs, reflecting a 10% YoY growth, despite a decrease in the total number of registered transactions in the region.
In the June 2024 quarter, a total of 50,025 residential real estate transactions were registered across Mumbai MMR, amounting to a registered sales value of Rs. 46,833 crores. Although there was a 6% drop in the overall registered sales value year-over-year (YoY) in Q2 2024 (April-June), this occurred alongside a steeper 15% decline in the total number of registered transactions during the same period. This dynamic coupled with record-high average registered sales value across Mumbai MMR, suggests a growing appetite for high-valued homes.
Peripheral suburbs continue to lead the Mumbai MMR market. Kalyan-Dombivli and its neighbouring localities, including Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, took the highest share of 21% in the overall registered residential transactions, with Dombivli leading the pack. In terms of registered home sales value, Mumbai’s Western Suburbs claimed the highest 31% share of the overall Rs. 46,833 crores during April-June 2024 period.
Localities such as Thane West, followed by Dombivli East and Mira Road East, led in total registered residential transactions in Q2 2024. In terms of registered sales value, Thane West took the lead, with properties worth Rs. 3,853 crores sold during the June quarter.
The highest average registered sales value was recorded in Mumbai’s Southern micro-market, standing at an impressive Rs. 3.65 crore, marking a significant 31% annual increase. Peripheral suburbs such as Navi Mumbai also experienced noteworthy growth, with the average registered sales value increasing by 19% to Rs. 60 lakhs.
During the second quarter, the Lodha Group (MacroTech Developers) maintained its leading position in total registered transactions as well as registered sales value. Lodha Upper Thane in Thane recorded the highest number of registered transactions, while Lodha Malabar in Malabar Hills achieved the highest registered sales value. A notable entrant among the top developers by registered sales value is Birla Estates. Their project, Birla Niyaara in the affluent Worli locality, propelled them to the third spot in the June quarter.
Developers in the Mumbai MMR are seeing positive results both in the suburbs and peripheral areas of Mumbai. While the bulk of sales occur in the peripheral areas, the suburbs in Mumbai are experiencing high demand for luxury and ultra-luxury projects. Developers continue to align their projects to meet the diverse needs of homebuyers across Mumbai MMR.
