The Mumbai Metropolitan Region (MMR) continued the positive momentum in its residential real estate segment for Q4 2023 (October to December). It led the country as its leading residential market, with 46,638 transactions registered at a cumulative value of Rs. 39,170 crore as per IGR data that was sourced by Square Yards Data Intelligence.
Lodha Group or Macrotech Developers held onto the pole position in terms of unit sales and volumes, with 1165 units sold and Rs. 1,618.5 crore in value. Oberoi Realty came in at number two with sales value of Rs. 668 crore and Runwal Group was the second-placed in terms of unit sales, with 474 transactions in total. By sales value, Hiranandani Group came in at number three, with Rs. 660.6 crore while Dosti Group was the third in unit sales (413 units). Dosti Group, Raymond and Kalpataru also entered the list of the top-10 developers with regard to transactions.
According to the Principal Partner and Sales Director, Square Yards, Deepak Khandelwal, the robust performance of MMR in this period has been backed by strong sentiments in favour of homeownership, confidence of buyers, moderate rates on home loans, and more disciplined supply levels. He opines that this indicates the beginning of a sustained Upcycle for the housing market. The festive season usually triggers higher housing market activity, leading to higher sales figures and the same pattern was seen in the last quarter according to him. Yet, in spite of increasing prices of property, the MMR real estate market continues to be attractive for investors and the current momentum in sales figures sets a positive note at the start of 2024 according to Deep Khandelwal.
The top-selling project in the region was Hiranandani Empress Hill, which notched up sales figures of Rs. 348.5 crore while Dosti West County was the project with the highest transaction numbers, i.e. 271 units for this period. The realty market in the MMR has been witnessing a major transformation owing to positive aspects like the development of 357 km of the metro network throughout 14 lines and pro-active Government policies. Multiple infrastructure projects are also set to be finished in 2024 which will boost intra-city accessibility while bringing a property boom in several emerging and peripheral zones.
The Western suburbs of Mumbai were the top-performing locality for property transactions for Q4 2023 and witnessed sales figures of 8268 units. It is the most coveted option for investors and homebuyers, offering numerous luxurious and affordable units. Areas such as Andheri, Goregaon, Santacruz, Malad, and Khar have transformed into major residential hotspots owing to new metro lines, easy access to top business districts like the BKC (Bandra-Kurla Complex), and rapidly increasing social infrastructure. The outskirts of the city including areas like Thane, Vasai-Virar, Panvel and Mira Bhayandar are becoming coveted investment destinations, especially for middle-class buyers. Panvel saw 5699 transactions in the period, followed by Vasai-Virar which had 4641 units sold. These markets are driven by comparative affordability and lower prices of property.
Leading real estate developers in the MMR zone are tapping into the higher yields here by offering projects and housing options tailored to customer requirements. They are emphasizing aspects like amenities, affordability, and space-based needs. An extensive approach towards the development of the MMR, in tandem with ongoing connectivity and infrastructural developments will contribute immensely to the region in 2024 and beyond.
CNBC-TV18: https://bit.ly/3Ogvtgg
Realty+: https://bit.ly/4bo7gPl
Realty & More: https://bit.ly/4b8YxjK
Published Date: Jan 23, 2024
