Mumbai Real Estate Market Update for Q3 2024
The real estate market in Mumbai, Maharashtra, experienced a 5% increase in residential units sold during the third quarter of 2024, although the sales value decreased by 2%, as reported by Square Yards. On a yearly basis, the Mumbai Metropolitan Region (MMR) saw a 7% rise in residential units sold and a 3% increase in sales value. The total registered home sales value surged by 10%, reaching Rs. 48,409 crore, indicating a growing demand for homes.
Top Developers and Projects
Godrej Properties emerged as the leader in registered home sales value, moving up from fourth place last year. Conceptual Advisory Services made a strong debut, leading in the number of registered transactions. Their Suraksha Smart City project in Vasai recorded the highest number of transactions with 737 units. Other notable developers included Birla Estates and Dosti Group.
Market Trends and Insights
Ganesh Devadiga, Sales Director at Square Yards, expressed optimism for the region, citing upcoming festivals and developer-driven offers as factors likely to boost buyer sentiment. Infrastructure upgrades are also expected to enhance connectivity and livability in Mumbai MMR.
Property Preferences
Most transactions were in the low-to-mid price range, with properties under Rs. 50 lakh making up 52% of deals. High-end properties above Rs. 1 crore accounted for 25% of transactions. The market was dominated by properties under 500 sq. ft. and 500-1,000 sq. ft., with 1 BHK and 2 BHK units being the most popular.
Regional Performance
Kalyan-Dombivli and Navi Mumbai led the market, each with 20% of total transactions, followed by Mumbai’s western suburbs with 18%. In terms of sales value, the western suburbs secured 32% of the total. Thane West was the top locality with 3,895 units sold worth Rs. 3,568 crore.
Doubts Revealed
Q3 2024 -: Q3 2024 refers to the third quarter of the year 2024, which includes the months of July, August, and September.
Godrej Properties -: Godrej Properties is a well-known real estate company in India that develops residential, commercial, and township projects across the country.
Conceptual Advisory Services -: Conceptual Advisory Services is a company that provides expert advice and services related to real estate transactions and investments.
Residential units -: Residential units are homes or apartments where people live. In this context, it refers to the number of homes sold in Mumbai’s real estate market.
Sales value -: Sales value is the total amount of money made from selling homes or properties. It shows how much money the real estate market is generating.
1 BHK and 2 BHK -: 1 BHK means a home with one bedroom, hall, and kitchen, while 2 BHK means a home with two bedrooms, a hall, and a kitchen. These are common types of homes in India.
Kalyan-Dombivli -: Kalyan-Dombivli is a city near Mumbai, known for its residential areas and growing real estate market.
Navi Mumbai -: Navi Mumbai is a planned city near Mumbai, developed to handle the growing population and provide more housing and business opportunities.
Western suburbs -: Western suburbs refer to the areas located in the western part of Mumbai, known for their residential and commercial developments.
