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The onset of the festive season is marked with the Mumbai MMR residential market registering a rise in residential sales in the September 2024 quarter.
Data from Square Yards revealed that 52,745 residential transactions were registered with the IGR in Mumbai MMR from July to September 2024, marking a 7% year-on-year 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. 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.
According to Dinesh Devadiga, Sales Director, Square Yards ,“Mumbai MMR has entered the festive season on a strong note, recording over half a lakh residential transactions in the September quarter, with demand continuing 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”.
Market Leaders and Key Projects
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.
| Top Developers by Registered Home Sales Value Mumbai MMR July-September 2024 | |||
| Rank | Developers | Registered Home Sales Value (Rs. crore) | Top Projects by Registered Home Sales Value |
| 1 | Godrej Properties | 1,159 | Godrej Reserve |
| 2 | Lodha Group | 1,060 | Lodha The Park, Lodha Bellissimo |
| 3 | L&T Realty | 966 | L&T Elixir Reserve, LnT Island Cove |
| 4 | Oberoi Realty | 503 | Oberoi Elysian |
| 5 | Piramal Realty | 500 | Piramal Aranya |
| 6 | Birla Estates | 498 | Birla Niyaara |
| 7 | Runwal Group | 422 | Runwal Gardens |
| 8 | Rustomjee Builders | 348 | Rustomjee Crown, Rustomjee 180 Bayview |
| 9 | Dosti Group | 295 | Dosti West County |
| 10 | The Wadhwa Group | 293 | Wadhwa 25 South |
*Includes primary residential registered transactions only.
| Top Developers by No. of Registered Residential Transactions Mumbai MMR July-September 2024 | |||
| Rank | Developers | Registered Residential Transactions (No. of units) | Top Projects by No. of Registered Residential Transactions |
| 1 | Conceptual Advisory Services | 737 | Suraksha Smart City |
| 2 | Lodha Group | 694 | Lodha Amara, Lodha Crown |
| 3 | Runwal Group | 575 | Runwal Gardens |
| 4 | Godrej Properties | 388 | Godrej Reserve |
| 5 | Dosti Group | 371 | Dosti Greater Thane, Dosti West County |
| 6 | L&T Realty | 290 | L&T Elixir Reserve |
| 7 | JP Infra | 290 | JP Codename StarLife |
| 8 | Regency Group | 204 | Regency Anantam Nxt |
| 9 | Piramal Realty | 162 | Piramal Vaikunth, Piramal Aranya |
| 10 | Vihang Group | 158 | Vihang Valley |
*Includes primary residential registered transactions only.
Area-wise and Budget-wise Trends
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 500–1,000 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.
| Mumbai MMR – Area-wise Residential Transactions Jul-Sep 2024 vs Jul-Sep 2023 | Mumbai MMR – Budget-wise Residential Transactions Jul-Sep 2024 vs Jul-Sep 2023 | |||||
| Area (in sq.ft.) | Jul-Sep 2024 | Jul-Sep 2023 | Budget | Jul-Sep 2024 | Jul-Sep 2023 | |
| Below 500 sq.ft. | 55% | 55% | Below INR 50 lakh | 52% | 50% | |
| 500–1000 sq.ft. | 37% | 39% | INR 50 lakh–1 crore | 23% | 25% | |
| 1000–1500 sq.ft. | 5% | 4% | INR 1–2 crore | 16% | 17% | |
| 1500–3000 sq.ft. | 2% | 1% | INR 2–3 crore | 4% | 4% | |
| Above 3000 sq.ft. | 1% | 1% | Above INR 3 crore | 5% | 4% | |
* Includes both primary and secondary residential registered transactions.
Micro Market Performance
Peripheral suburbs continued to dominate the Mumbai MMR market in the September quarter. Kalyan-Dombivli along with its neighbouring areas and Navi Mumbai, each accounted for an approximate 20% share of the overall 52,745 registered residential transactions. Following closely were Mumbai’s western suburbs, which captured 18% of total transactions. Notably, the western suburbs led in terms of registered home sales value, securing the largest share at 32% of the overall Rs. 46,409 crore during the July-September 2024 period.
Thane West maintained its position as the top locality in both the volume and value of registrations, with 3,895 units registered, totalling Rs. 3,568 crore in the September quarter. Dombivli East and Mira Road East followed Thane West in total registered residential transactions, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value.
