Mumbai's residential market sees 5 pc spike in units sold, average sales dips 2 pc in Q3 2024

Mumbai (Maharashtra) [India], October 11 : Mumbai's real estate market has seen a 5 per cent jump in the number of residential units sold during Q3 2024, but sales value contracted by 2 per cent, according to data released by Square Yards.
However, on a year-to-year basis, the Mumbai Metropolitan Region (MMR) saw a growth of 7 per cent in number of residential units sold and also an increase in sales value by 3 per cent.
Additionally, the total registered home sales value surged by 10 per cent, reaching an impressive Rs. 48,409 crore, reflecting a growing demand for residential properties in the region.
Godrej Properties led the pack, topping the list of developers with the highest registered home sales value, a significant leap from its fourth-place ranking in the same quarter last year.
Conceptual Advisory Services made a strong debut, leading the market with the highest number of registered transactions in the July-September 2024 quarter.
Ganesh Devadiga, Sales Director at Square Yards, noted, "Our outlook for the region remains highly optimistic, as the upcoming festivals, such as Dussehra and Diwali, along with the developer-driven schemes and offers are expected to further bolster buyer sentiment."
He added, "Additionally, recent infrastructure upgrades and the key ones underway are poised to enhance connectivity and overall livability in Mumbai MMR, providing a strong boost to the region's real estate sector."
Godrej Properties' project, Godrej Reserve in Kandivli, emerged as the highest-grossing project in terms of sales value.
Other notable performers in the quarter include Birla Estates and Dosti Group, which made their way into the top 10 developers by registered sales value.
Conceptual Advisory Services' Suraksha Smart City project in Vasai registered the highest number of residential transactions with 737 units, followed by Lodha Group (Macrotech Developers) with 694 units and Rs. 1,060 crore in sales value.
The majority of transactions occurred in the low-to-mid price range, with properties priced below Rs. 50 lakh accounting for 52 per cent of all deals, driven by the peripheral regions.
Meanwhile, high-end properties priced above Rs. 1 crore represented 25 per cent of transactions, showing strong demand for premium housing.
Properties under 500 sq. ft. and 500-1,000 sq. ft. dominated the market, as 1 BHK and 2 BHK units remained the most popular choices among buyers.
Kalyan-Dombivli and Navi Mumbai led the MMR market, each accounting for 20 per cent of total transactions, followed by Mumbai's western suburbs, which captured 18 per cent. In terms of value, the western suburbs outperformed, securing 32 per cent of the overall sales value in the quarter.
Thane West remained the top-performing locality, registering 3,895 units worth Rs. 3,568 crore, with Dombivli East and Mira Road East trailing behind in transaction volume. Meanwhile, Kandivali East, Malad West, and Andheri West ranked high in terms of registered sales value.