Residential real estate transactions in the Mumbai Metropolitan Region grew 7% year-on-year to 52,745 during the July-September period of the ongoing calendar year, according to a new report by proptech startup Square Yards.
Meanwhile, the registered home sales value rose 10% annually during the three-month period to โน48,409 crore, it added. This pushed the average home sales value in the region to nearly a crore, reflecting a 3% increase compared to the same period last year.
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โOur insights indicate that demand continues to span across all price brackets, with both peripheral and core suburbs demonstrating sustained activity. 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,โ said Ganesh Devadiga, Sales Director, Square Yards.
โAdditionally, 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 regionโs real estate sector,โDevadiga added.
Regional break-up
The report highlighted that properties priced below โน50 lakh accounted for 52% of all transactions during the quarter ended September, up from 50% during the same period last year, largely driven by peripheral areas.
On the other hand, properties priced above โน1 crore accounted for 25% of the total transactions. In terms of size, properties under 500 square feet, followed by those between 500โ1,000 square feet, dominated, representing 92% of all registered transactions, as 1 BHK and 2 BHK units remained the most popular choices for homebuyers in the region.
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The report noted that peripheral suburbs continued to dominate the MMR market in the September quarter – Kalyan-Dombivli along with its neighbouring areas and Navi Mumbai, each accounted for an approximate 20% share of the overall 52,745 registered residential transactions. Following closely were Mumbai’s western suburbs, which captured 18% of total transactions. The western suburbs led in terms of registered home sales value, securing the largest share at 32% of the overall โน46,409 crore clocked during the September quarter.
Thane West maintained its position as the top locality in both the volume and value of registrations, with 3,895 units registered, totalling โน3,568 crore in the three-month period. Dombivli East and Mira Road East followed Thane West in total registered residential transactions, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value.
Top performers and key projects
According to the report, in the third quarter, Godrej Properties jumped from fourth place to the top among developers with the highest registered home sales value as compared to same period previous year. In July-September 2024, Godrej Reserve in Kandivli emerged as the highest-grossing project in the city. Compared to the September quarter of the previous year, Birla Estates and Dosti Group emerged as new entrants in the top ten developers with the highest registered home sales value.
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Meanwhile, Conceptual Advisory Services entered and topped the list of developers with the highest number of registered residential transactions, with 737 units registered in their Suraksha Smart City project located in Vasai during the quarter. Lodha Group (Macrotech Developers) followed closely, ranking second in both total registered transactions and registered sales value, with 694 units and โน1,060 crore, respectively.
