Mumbai's Real Estate Flourishes: Surge in Home Sales & Rising Values

The Mumbai Metropolitan Region's residential market witnessed a notable rise in home sales, with 68,082 units registered in the October-December 2024 quarter. The registered home sales value increased by 11%, led by demand for compact homes and infrastructure upgrades, ensuring a positive outlook for the market.

The residential market in the Mumbai Metropolitan Region (MMR) recorded a spike in activity during the October-December quarter of 2024, with 68,082 units registered, as per data from the Inspector General of Registration, analyzed by proptech firm Square Yards. This signifies a 5% growth over the previous quarter.

Overall sales value rose by 11% to Rs 68,025 crore, pushing average sales value per unit up by 7% to Rs 1 crore. Despite smaller homes dominating transactions, larger homes in western and southern suburbs fetched higher values. Redevelopment efforts and upgrades in infrastructure are expected to maintain market strength.

Peripheral markets accounted for a majority of residential deals, with properties below Rs 1 crore proving popular, especially in areas like Thane and Kalyan-Dombivli. As connectivity projects like the Navi Mumbai Airport advance, market optimism remains high, spurring continued interest from both homebuyers and developers.

(With inputs from agencies.)