MMR clocks residential sales of Rs 39,170 cr in Q4

A Mumbai is currently witnessing a substantial surge in residential sales, with new offerings from well-established real estate developers being rapidly absorbed by the market

Mumbai: Mumbai Metropolitan Region (MMR) continued its bullish run as India’s leading residential market in Q4 2023, registering 46,638 transactions, totaling Rs 39,170 crore, according to IGR data sourced by Square Yards Data Intelligence.

The festive quarter saw Lodha Group (Macrotech Developers) maintain its prominent position as the top performer in terms of volume and units sold, on the back of heightened demand with 1,165 units amounting to Rs 1618.5 crore. Oberoi Realty held on to the second spot in terms of total sale value registering Rs 668 crore while Runwal Group moved up to the second spot in number of units sold with 474 transactions.

Talking to Bizz Buzz, AkhilSaraf, CEO & Founder of Reloy, says: “The demand for homes from renowned and branded developers is consistently gaining momentum every quarter. Throughout the entire year of 2023, Mumbai and various regions across the country experienced record-breaking sales figures.”

As we step into the year 2024, the trend continues on a positive note, and there is anticipation that we will observe even more impressive sales numbers this year. The favourable economic conditions and micro-level factors aligning in favour of home buyers contribute to this optimistic outlook, he said.

Hiranandani Group climbed to the third spot in total sale value clocking Rs 660.6 crore, while Dosti Group claimed the third spot in number of units sold with 413 units. Additionally, Dosti Group, Kalpataru and Raymond entered the top 10 in terms of transactions.

Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd, parent company of Andromeda Realty Advisors says, “Mumbai is currently witnessing a substantial surge in residential sales, with new offerings from well-established real estate developers being rapidly absorbed by the market. The completion or nearing completion of various infrastructure projects has transformed previously distant locations into viable options for prospective homebuyers. The emergence of new locations accompanied by attractive and value-for-money deals is expected to contribute to further improvements in real estate sales in Mumbai in the coming times.”

“MMR’s stellar performance in Q4 2023 supported by strong homeownership sentiment, homebuyer confidence and moderate home loan rates and disciplined supply, underscores the fact that the housing market is at the start of a long-term upcycle. Traditionally the festive season sparks increased activity in the housing market, resulting in a surge in property sales and the last quarter was followed this pattern. Despite rising property prices, the allure of MMR’s real estate market has continued to gain high prominence among investors. The sales momentum sets the stage for an optimistic beginning to 2024,” said Deepak Khandelwal, Principal Partner and Sales Director, Square Yards. Hiranandani Empress Hill secured its position as the top-selling project in the Mumbai Metropolitan Region (MMR) based on sales value, having recorded property sales worth Rs 348.5 crore in the fourth quarter. In contrast, Dosti West County has dominated the transaction charts by selling 271 units during the same period.

MMR’s real estate market has been on the cusp of a significant transformation propelled by a stable government, robust economic outlook, favourable government policies and the ongoing metro development of 357 km across 14 lines. Apart from this, several infrastructure projects are currently underway with most of them nearing completion in 2024. This will improve intra-city connectivity and usher real estate boom in emerging peripheral markets. Mumbai’s Western Suburbs became the top locality for real estate transactions in Q4 2023 with 8268 units sold. It has become the prime choice for new homebuyers and investors as the region offers a mix of affordable and luxurious properties. Places like Khar, Malad, Santacruz, Goregaon, Andheri have become promising residential hubs due to newly operational metro lines, seamless connectivity to business districts of BandraKurla Complex, easy accessibility and rapid growth in social infrastructure. Additionally, Mumbai’s outskirts, including Panvel, Vasai-Virar, Thane, and Mira Bhayandar, are emerging as attractive investment options for middle-class homebuyers, witnessing a significant uptick in transactions. Panvel, with 5,699 transactions, appeals to investors for its proximity to Mumbai, thriving business centers, and strong social infrastructure. Thane recorded 4926 transactions, while Vasai-Virar saw 4641 units sold, driven by lower property prices and increased affordability compared to nearby areas.

Given the high yields in the MMR region, top developers in the area are diligently addressing market needs, focusing on factors such as affordability, amenities, and space requirements. A comprehensive approach to area development, coupled with ongoing infrastructure improvements, is poised to contribute positively to this prestigious real estate market in 2024.