Mumbai: Residential Sales In MMR Increase By 7% YoY In Q2 2024, Reports Square Yards

Mumbai: Residential transactions in Mumbai's Metropolitan Region (MMR) saw a significant rise in the September quarter. While 52,745 residential transactions were registered in Mumbai MMR from July to September 2024, marking a 7% year-on-year (YoY) increase, even more notable was the 10% growth in registered home sales value during the same period, which stood at Rs 48,409 crore by the end of the quarter, revealed the latest data released by Square Yards.

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, it said.

Ganesh Devadiga, Sales Director, Square Yards said, “Mumbai MMR has entered the festive season on a strong note, recording over half-a-lakh residential transactions in the September quarter. Our insights indicate that demand continues to span across all price brackets, with both peripheral and core suburbs demonstrating sustained activity. While the transaction volume registered a 7% year-on-year growth, the total sales value grew by 10%, underscoring the market's sustained appeal to developers.”

“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. Additionally, recent infrastructure upgrades and the key ones underway are poised to enhance connectivity and overall liveability in Mumbai MMR, providing a strong boost to the region’s real estate sector,” he added.

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. This trend persisted in the September quarter, with properties priced below Rs 50 lakh accounting for 52% of all transactions, up from 50% during the same period last year, largely driven by peripheral areas.

On the other hand, properties priced above Rs 1 crore continued to account for a significant 25% of the total transactions. In terms of size, properties under 500 sq ft, followed by those between 500 and 1,000 sq ft dominated, representing 92% of all registered transactions, as 1 BHK and 2 BHK units remain the most popular choices for homebuyers in the region.