Mumbai MMR Housing Market Gains Momentum: 11% Rise in Registered Home Sales Value, 5% Growth in Transaction Volume in October-December 2024: Square Yards | The Property Times

Ganesh Devadiga, Sales Director, Square Yards said, “The Mumbai MMR residential market has maintained strong momentum, with both transaction volumes and gross sales value continuing to rise. While peripheral markets account for the bulk of residential transactions, western and southern suburbs drive gross sales value. Redevelopment in central and southern Mumbai is reshaping the market, creating new opportunities for both homebuyers and developers. At the same time, infrastructure upgrades in peripheral locations will enhance connectivity, making these areas increasingly attractive for end-users. Overall, we anticipate residential demand fundamentals to remain strong in Mumbai and its metropolitan region, supported by economic expansion and urban infrastructure growth.”

Market Leaders and Key Projects

Conceptual Advisory Services led the market with 973 registered residential transactions, driven largely by its flagship project, Suraksha Smart City in Vasai East. Lodha Group followed with 852 transactions, with Lodha Crown in Thane West being a standout performer. Dosti Group ranked third with 589 transactions, bolstered by its Dosti West County, also located in Thane West.

When it comes to registered home sales value, Lodha Group topped the list with Rs. 1,787 crore, thanks to the strong performance of Lodha Bellevue in Mahalaxmi. Godrej Properties secured the second position with Rs. 1,460 crore, largely attributed to Godrej Reserve in Kandivli. Oberoi Realty ranked third with Rs. 1,340 crore, supported by Oberoi Three Sixty West in Worli. Notably, several celebrities such as Shahid Kapoor and Abhishek Bachchan, along with industrialists and entrepreneurs, own apartments in this project, according to Square Yards’ review of IGR property registration documents.

*Includes primary residential registered transactions only.

 Source: IGR, SquareYards.com    

*Includes primary residential registered transactions only

Source: IGR, SquareYards.com                               

 Area-wise and Budget-wise Trends

With property prices rising and registered residential transaction values crossing the Rs. 1 crore mark in several micromarkets, compact homes continue to dominate demand as smaller unit sizes help keep property values within reach for end users. Of the total registered transactions, 54% were for apartments smaller than 500 sq. ft. Homes in the 500–1,000 sq. ft. category accounted for 38% of transactions, while properties above 1,000 sq. ft. comprised 8% of the total registered residential transactions in October-December 2024 period.

In terms of ticket size, properties priced below Rs. 50 lakh accounted for 50% of total transactions, while those in the Rs. 50 lakh–1 crore range made up 24%, with maximum transactions in this price bracket concentrated in peripheral markets. Properties priced above Rs. 1 crore represented 26% of transactions, with the highest concentration observed in Thane, and central, western, and southern Mumbai.

Mumbai MMR – Area-wise Residential Transactions Oct-Dec 2024 vs Oct-Dec 2023			Mumbai MMR – Budget-wise Residential Transactions Oct-Dec 2024 vs Oct-Dec 2023
Area (in sq. ft.)	Oct-Dec 2024		Budget	Oct-Dec 2024
Below 500 sq. ft.	54%		Below INR 50 lakh	50%
500–1000 sq. ft.	38%		INR 50 lakh–1 crore	24%
1000–1500 sq. ft.	5%		INR 1–2 crore	16%
1500–3000 sq. Ft.	2%		INR 2–3 crore	5%
Above 3000 sq. ft.	1%		Above INR 3 crore	5%

* Includes both primary and secondary residential registered transactions.

Source: IGR, SquareYards.com

Micro Market Performance

In terms of registered transactions, Kalyan-Dombivli and localities beyond accounted for the highest share at 20% of the total 68,082 transactions in October-December 2024. Following closely were the western suburbs and Navi Mumbai, each holding an 18% share. For total home sales value, Mumbai’s western and southern suburbs dominated with a combined 50% share, despite contributing only 24% to the total number of transactions.

Mumbai’s southern suburbs continue to command the highest average home sales value at Rs. 3.65 crore. In contrast, Kalyan-Dombivli and the outer suburbs recorded the lowest average value at Rs. 34 lakh, with areas beyond Kalyan offering relatively affordable options and strong railway connectivity to Mumbai’s commercial hubs.

Mumbai MMR Micromarket Summary – October-December 2024
Micromarket	Registered Residential Transactions  (No. of units)	Registered Home Sales Value (Rs. crore)	Average Registered Home Sales Value (Rs. crore)
Overall Mumbai MMR	68,082	68,025	1.00
Kalyan-Dombivli & Beyond	13,500	4,537	0.34
Mumbai Western Suburbs	12,435	20,088	1.62
Navi Mumbai	12,160	7,466	0.61
Mira Road & Beyond	11,303	4,629	0.41
Thane	6,868	5,989	0.87
Mumbai Central Suburbs	6,136	8,681	1.41
Mumbai South	3,661	13,364	3.65
Mumbai Harbour	2,019	3,271	1.62

Includes both primary and secondary residential registered transactions.

Source: IGR, SquareYards.com

In terms of localities, Thane West continues to lead with highest home sales value of Rs. 5,348 crore across 5,291 registered residential transactions. Dombivli East and Mira Road East followed with 3,006 and 2,962 transactions respectively. In case of total home sales value, Worli and Lower Parel followed Thane West with transactions worth Rs. 2,884 crore and Rs. 2,054 crore registered in October-December 2024, respectively.

The outlook for Mumbai MMR’s residential real estate market remains promising, underpinned by infrastructure development and sustained commercial activity driving influx of working professionals to the region. Projects such as the Navi Mumbai Airport, ongoing metro expansion, and the proposed cable car project aim to enhance connectivity and accessibility across the region. Additionally, MMRDA’s USD 40 billion MoUs focused on urban transport and regional development are set to bolster infrastructure, making suburban areas more accessible from commercial hubs. These infrastructure upgrades, coupled with sustained developer interest in both core and peripheral markets catering to diverse consumers, will continue to drive MMR’s residential activity in the coming quarters.

Corporate Comm India (CCI Newswire)