Mumbai : The Mumbai Metropolitan Region (MMR) has set a new benchmark in the real estate market, with the average registered home sales value reaching an impressive Rs 94 lakh in the second quarter of 2024, according to the latest report by Square Yards. This figure, derived from the Inspector General of Registration (IGR) data, signifies a 10% year-over-year (YoY) growth, despite a reduction in the total number of registered transactions within the region.
During the June 2024 quarter, MMR witnessed 50,025 residential real estate transactions, accumulating a total registered sales value of Rs 46,833 crore. Interestingly, there was a 6% decline in the overall registered sales value YoY, alongside a more pronounced 15% decrease in the total number of registered transactions. This scenario indicates a robust demand for high-value homes, even as the volume of transactions has declined.
Indrajit Sidhanta, Principal Partner & Head of Business Development, Square Yards said, “Recent data from June 2024 quarter highlights that, although the total number of registered transactions has fallen, there’s been a notable increase in average sales value. This rise points to a growing interest in premium properties from Grade A developers, not only in Mumbai but also in peripheral areas, and reflects the confidence of buyers and investors in the region’s robust residential real estate sector.”
Peripheral suburbs have emerged as the leaders in the MMR market. The Kalyan-Dombivli area, along with neighbouring localities such as Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, accounted for 21% of the overall registered residential transactions, with Dombivli leading. In terms of registered home sales value, Mumbai’s Western Suburbs dominated, capturing a 31% share of the total Rs 46,833 crore during the April-June 2024 period. Thane West, followed by Dombivli East and Mira Road East, led in total registered residential transactions in Q2 2024. Thane West also recorded the highest registered sales value, with properties worth Rs 3,853 crore sold during the quarter. The Southern micro-market of Mumbai achieved the highest average registered sales value, at a staggering Rs 3.65 crore, reflecting a significant 31% annual increase. Peripheral suburbs, such as Navi Mumbai, also saw substantial growth, with the average registered sales value rising by 19% to Rs 60 lakh.
The Lodha Group (MacroTech Developers) continued to dominate in terms of both total registered transactions and registered sales value during the second quarter. Lodha Upper Thane in Thane recorded the highest number of registered transactions, while Lodha Malabar in Malabar Hills achieved the highest registered sales value. Birla Estates also made a notable entry into the top developers by registered sales value, with their project Birla Niyaara in the affluent Worli locality propelling them to the third position in the June quarter. This report underscores the growing preference for high-value homes in Mumbai MMR, despite a downturn in transaction volumes. The performance of the peripheral suburbs, particularly in terms of transaction volumes, highlights their increasing appeal among homebuyers. Meanwhile, the strong sales figures in Mumbai’s Southern micro-market and Western Suburbs underscore the continued demand for premium properties in these areas.
