The Mumbai Metropolitan Region’s real estate market continues to defy economic challenges, with residential property sales experiencing a robust 7% year-on-year growth during the July-September quarter. This surge, driven by a combination of festive offers and infrastructure developments, has solidified the region’s position as a prime investment destination.
Despite concerns about economic uncertainty, the registered home sales value in Mumbai rose by a commendable 10% during the same period, reaching a staggering ₹48,409 crore. This growth pushed the average home sales value to nearly ₹1 crore, reflecting a 3% increase compared to the previous year. Infrastructure upgrades, such as improved connectivity and enhanced livability, have played a crucial role in bolstering the region’s real estate sector. The Mumbai MMR’s strategic location and growing population have made it a highly attractive destination for homebuyers and investors.
“Our data indicates that demand remains consistent across all price segments, with both peripheral and core suburbs witnessing sustained activity,” said Ganesh Devadiga, Sales Director at Square Yards. “The upcoming festivals, coupled with developer-driven schemes and offers, are expected to further fuel buyer sentiment.” The report highlighted that properties priced below ₹50 lakh accounted for a significant portion of transactions during the quarter, driven primarily by peripheral areas. However, properties priced above ₹1 crore also witnessed strong demand, accounting for 25% of the total transactions.
In terms of property size, smaller units, such as 1 BHK and 2 BHK apartments, remained the most popular choices among homebuyers. These units, typically under 1,000 square feet, accounted for a substantial 92% of all registered transactions. Peripheral suburbs, including Kalyan-Dombivli, Navi Mumbai, and Thane, continued to dominate the MMR market. These regions accounted for approximately 20% of the overall registered residential transactions. While the western suburbs captured a slightly smaller share of transactions, they led in terms of registered home sales value, securing 32% of the total. Thane West emerged as the top locality in both the volume and value of registrations, with 3,895 units registered and a total value of ₹3,568 crore. Dombivli East, Mira Road East, Kandivali East, Malad West, and Andheri West followed closely in terms of registered residential transactions and sales value.
Among developers, Godrej Properties secured the top spot in terms of registered home sales value, surpassing its previous year’s performance. Godrej Reserve in Kandivali emerged as the highest-grossing project during the quarter. New entrants to the top ten developers included Birla Estates and Dosti Group. In terms of the highest number of registered residential transactions, Conceptual Advisory Services took the lead with its Suraksha Smart City project in Vasai. Lodha Group followed closely, ranking second in both total registered transactions and registered sales value. Overall, the Mumbai real estate market remains optimistic, with strong fundamentals and a positive outlook for the future. The region’s robust economic growth, infrastructure development, and favorable demographics continue to attract investors and homebuyers alike.
