The Mumbai Metropolitan Region (MMR) has recorded an unprecedented surge in average registered home sales value in the second quarter of 2024, according to the latest report by Square Yards. The average registered home sales value basis the IGR data, analysed by Square Yards, reached a record-high of Rs. 94 lakh, reflecting a 10% YoY growth, despite a decrease in the total number of registered transactions in the region.
In the June 2024 quarter, a total of 50,025 residential real estate transactions were registered across Mumbai MMR, amounting to a registered sales value of Rs. 46,833 crore. Although there was a 6% drop in the overall registered sales value year-over-year (YoY) in Q2 2024 (April-June), this occurred alongside a steeper 15% decline in the total number of registered transactions during the same period. This dynamic coupled with record-high average registered sales value across Mumbai MMR, suggests a growing appetite for high-valued homes.
| Mumbai MMR Residential Real Estate Summary – Q2 2024 (April-June) | |||||
| Q2 2024 | Q1 2024 | Q2 2023 | YoY | QoQ | |
| Registered Residential Transactions (No. of units) | 50,025 | 60,719 | 58,823 | -15% | -18% |
| Registered Sales Value (GTV) (Rs. crore) | 46,833 | 54,239 | 49,837 | -6% | -14% |
| Average Registered Sales Value (Rs. crore) | 0.94 | 0.89 | 0.85 | 10% | 5% |
Source: IGR, SquareYards.com
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.”
“Also, historically the June quarter tends to be a bit slower, but we anticipate an upswing as developers are strategically positioning themselves in key localities across Mumbai MMR, and gearing up with a strong pipeline of projects to capitalize on the upbeat homebuyer sentiment during the upcoming festive season,” he noted.
Micro Market Performance
Peripheral suburbs continue to lead the Mumbai MMR market.Kalyan-Dombivli and its neighbouring localities, including Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, took the highest share of 21% in the overall registered residential transactions, with Dombivli leading the pack. In terms of registered home sales value, Mumbai’s Western Suburbs claimed the highest 31% share of the overall Rs. 46,833 crore during April-June 2024 period.
| Mumbai MMR Micromarket Summary – Q2 2024 (April-June) | |||
| Micromarket | Registered Residential Transactions (No. of units) | Registered Home Value (Rs. crore) | Average Registered Home Sales Value (Rs. crore) |
| Overall Mumbai MMR | 50,025 | 46,833 | 0.94 |
| Kalyan-Dombivli & Beyond | 10,491 | 3,450 | 0.33 |
| Navi Mumbai | 9,432 | 5,658 | 0.6 |
| Mumbai Western Suburbs | 9,260 | 14,467 | 1.56 |
| Mira Road & Beyond | 7,944 | 3,240 | 0.41 |
| Thane | 5,009 | 4,311 | 0.86 |
| Mumbai Central Suburbs | 4,183 | 5,338 | 1.28 |
| Mumbai South | 2,245 | 8,184 | 3.65 |
| Mumbai Harbour | 1,461 | 2,185 | 1.5 |
Localities such as Thane West, followed by Dombivli East and Mira Road East, led in total registered residential transactions in Q2 2024. In terms of registered sales value, Thane West took the lead, with properties worth Rs. 3,853 crore sold during the June quarter.
The highest average registered sales value was recorded in Mumbai’s Southern micro-market, standing at an impressive Rs. 3.65 crore, marking a significant 31% annual increase. Peripheral suburbs such as Navi Mumbai also experienced noteworthy growth, with the average registered sales value increasing by 19% to Rs. 60 lakh.
Market Leaders and Key Projects
During the second quarter, the Lodha Group (MacroTech Developers) maintained its leading position in total registered transactions as well as registered sales value. Lodha Upper Thane in Thane recorded the highest number of registered transactions, while Lodha Malabar in Malabar Hills achieved the highest registered sales value. A notable entrant among the top developers by registered sales value is Birla Estates. Their project, Birla Niyaara in the affluent Worli locality, propelled them to the third spot in the June quarter.
| Top Developers by Registered Home Sales ValueMumbai MMR Q2 2024 (April-June) | |||
| Rank | Developers | Registered Home Sales Value (Rs. crore) | Top Projects by Registered Home Sales Value |
| 1 | Lodha Group | 1,667 | Lodha Malabar, Lodha Woods, Lodha Bellissimo |
| 2 | Godrej Properties | 1,306 | Godrej Reserve, Godrej Horizon |
| 3 | Birla Estates | 1,126 | Birla Niyaara |
| 4 | Oberoi Realty | 973 | Oberio Three Sixty West, Oberio Elysian |
| 5 | Hiranandani Group | 594 | Hiranandani Fortune City, Hiranandani Empress Hill, Hiranandani Regent Hill, |
| 6 | Mahindra Lifespace Developers | 526 | Mahindra Vista |
| 7 | Raymond Realty | 433 | Raymond GS The Address, Raymond Ten X Era, Raymond Ten X Habitat |
| 8 | Piramal Realty | 393 | Piramal Aranya, Piramal Mahalaxmi, Piramal Vaikunth |
| 9 | Runwal Group | 346 | Runwal Gardens, Runwal Bliss, Runwal Avenue |
| 10 | Rustomjee | 331 | Rustomjee Crown, Rustomjee Seasons |
Source: IGR, SquareYards.com
| Top Developers by No. of Registered Residential TransactionsMumbai MMR Q2 2024 (April-June) | |||
| Rank | Developers | Registered Residential Transactions (No. of units) | Top Projects by No. of Registered Residential Transactions |
| 1 | Lodha Group | 906 | Lodha Upper Thane, Lodha Amara, Lodha Casa Belvedere |
| 2 | Dosti Group | 469 | Dosti Greater Thane, Dosti West County |
| 3 | Godrej Properties | 458 | Godrej Reserve, Godrej Ascend, Godrej Horizon |
| 4 | Runwal Group | 412 | Runwal Gardens, Primrose, Runwal Avenue |
| 5 | Hiranandani Group | 381 | Hiranandani Fortune City, Hiranandani Regent Hill, Hiranandani Empress Hill |
| 6 | Mahindra Lifespace Developers | 287 | Mahindra Vista, Mahindra Happinest |
| 7 | Raymond Realty | 221 | Raymond Ten X Habitat, Raymond Ten X Era, Raymond GS The Address |
| 8 | JP Infra | 184 | JP Codename Starlife, JP North |
| 9 | Paradise Group | 175 | Sai World Empire, Paradise Sai Suncity, Paradise Sai World Dreams |
| 10 | Vihang Group | 169 | Vihang Valley, Vihang Woods |
Source: IGR, SquareYards.com
According to Square Yards trends and insights, developers in the Mumbai MMR are seeing positive results both in the suburbs and peripheral areas of Mumbai. While the bulk of sales occur in the peripheral areas, the suburbs in Mumbai are experiencing high demand for luxury and ultra-luxury projects. Developers continue to align their projects to meet the diverse needs of homebuyers across Mumbai MMR.
About Square Yards
Square Yards is India’s largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset-light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with a presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.