Housing Sales Up By 10% In Mumbai Metro Area In Q2

Mumbai: Residential transactions in Mumbai's Metropolitan Region (MMR) saw a significant rise in the September quarter. Data from Square Yards revealed that 52,745 residential transactions were registered with the IGR in Mumbai MMR from July to September, marking a 7 per cent year-on-year increase. Even more notable was the 10 per cent growth in registered home sales value during the same period, which stood at Rs48,409 crore by the end of the quarter. This pushed the average home sales value in the region to nearly a crore, reflecting a 3 per cent increase compared to the same period last year.

Includes both primary and secondary residential registered transactions. Talking to Bizz Buzz, Sunil Dewali, Co-CEO of Andromeda Sales & Distribution, Parent company of Andromeda Realty Advisors, says, “Several factors are driving the continuous demand in the real estate market, with first-time homebuyers and those seeking upgrades playing a major role.”

Additionally, many people are now confident in real estate as a profitable investment over the coming years, signalling a return of investors to the market. This trend is expected to persist, he said. Various reports indicate a consistent rise in housing demand, with property sales and registrations continuing to grow.

Akhil Saraf, Founder and CEO, Reloy, says, “While there were high hopes for a rate cut by the apex bank, which could have significantly boosted demand during the festive season, it may take a few more MPC review meetings before a rate cut is seen. However, developers are offering attractive schemes and offers to entice homebuyers during the ongoing festive season.”

We anticipate the October-December quarter to experience improved sales driven by these incentives, he said.

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 Mumbai MMR. Compared to the September quarter of the previous year, Birla Estates and Dosti Group emerged as new entrants in the top-10 developers with the highest registered home sales value. 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 Rs1,060 crore, respectively.

In Mumbai MMR, the majority of residential transactions continue to occur in the low-to-mid range, particularly in peripheral regions, while suburbs closer to Mumbai are witnessing increased demand for premium properties.