Mumbai, the city that consistently dominates the real estate headlines, has once again demonstrated its market resilience. In Q3 of 2024, the Mumbai Metropolitan Region (MMR) residential market grew by 7% in transactions and saw a significant 10% surge in value. Godrej Properties, with its Kandivli project, Godrej Reserve, emerged as the highest-grossing project in Mumbai, while Conceptual Advisory Services led in registered transactions. These figures, with over 52,000 residential transactions and a total registered home sales value of ₹48,409 crore, reflect a market that is not just surviving but thriving.
The Front Runners in Mumbai MMR’s Real Estate
Godrej Properties jumped from fourth to first place among developers in Q3 2024, with their Kandivli project, Godrej Reserve, becoming the highest-grossing in Mumbai MMR. New entrants like Birla Estates and Dosti Group also made an impact, showcasing the market’s diversity. Conceptual Advisory Services also led transaction volumes with their Suraksha Smart City project in Vasai. This variety of leaders highlights the market’s broad demand across budget and luxury segments, boosting homebuyer confidence.
Key Drivers of Market Growth: The Reasons and Its Impact
Several factors contributed to the strong performance of the Mumbai MMR real estate market in Q3 2024. The festive season, traditionally associated with higher property bookings during periods like Dussehra and Diwali, has been a key driver. The other factors include:
- Developer Offers: Flexible payment plans and special discounts have attracted buyers.
- Infrastructure Projects: Major developments like Mumbai Metro Line-3 and Thane Ring Metro have enhanced connectivity.
- Demand Across Segments: Affordable and premium housing saw strong demand, boosting transaction volume.
To back this up, Square Yards’ Sales Director, Ganesh Devadiga, commented, “Mumbai MMR has entered the festive season on a strong note, recording over half a lakh residential transactions in the September quarter. Our insights indicate that demand spans all price brackets, with both peripheral and core suburbs demonstrating sustained activity. While the transaction volume registered a 7% year-on-year growth, the total sales value grew by 10%, underscoring the market’s sustained appeal to developers. 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. 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.”
How does it Impact the Market?
The market’s growth is evident in the rising average home sales value, which reached nearly ₹1 crore, a 3% increase compared to last year. Square Yards’ data shows a shift towards more affordable housing, with properties priced below ₹50 lakh accounting for 52% of all transactions, up from 50% the previous year. The increased demand for affordable housing in peripheral regions and premium property activity in core suburbs continue to drive the market upward.
Regional Break Up
In Q3 2024, Mumbai MMR’s real estate market showed strong regional diversity. Peripheral areas like Kalyan-Dombivli and Navi Mumbai contributed nearly 40% of transactions. Western suburbs, including Andheri and Kandivli, accounted for 18% of transactions and 32% of total sales value. Thane West stood out with 3,895 registered units and ₹3,568 crore in sales, solidifying its market leadership.
| Region | Transaction Share | Sales Value Share |
| Kalyan-Dombivli | 20% | Moderate |
| Navi Mumbai | 20% | Moderate |
| Western Suburbs | 18% | 32% |
| Thane West | Leading | ₹3,568 crore |
With infrastructure projects nearing completion, the market’s momentum shows no signs of slowing, securing Mumbai MMR’s place as a top real estate destination.
Read more through the links below to uncover the key trends and market leaders driving this growth:
Hindustan Times – https://bit.ly/3Ynjwe6
Realty+ – https://bit.ly/3YlZ8dx
Times Property – https://bit.ly/4dR4MJ0
Realty NXT– https://bit.ly/4dHPeaF
Press Trust of India – PTI- https://bit.ly/404fjNW
NDTV Profit – https://bit.ly/4dOmRrp
ThePrint– https://bit.ly/4f3NGZt
Rediff.com – https://bit.ly/404BIL5
The Free Press– https://bit.ly/3UaFjn0
NBM&CW– https://bit.ly/3BTN2PP
Published Date: 10 Oct, 2024
