Luxury Housing Drives Mumbai MMR Sales

The Mumbai Metropolitan Region (MMR) has witnessed a remarkable surge in the average registered home sales value, reaching a record high of Rs 94 lakh in the second quarter of 2024. This 10% year-over-year (YoY) growth is a testament to the region’s thriving real estate market, despite a decline in the total number of registered transactions. While the overall registered sales value decreased by 6% YoY, the average sales value’s significant increase indicates a robust demand for high-value homes.

This trend is particularly evident in peripheral suburbs, which have emerged as the leaders in the MMR market. Kalyan-Dombivli and neighboring localities accounted for 21% of the overall registered residential transactions, with Dombivli taking the lead. In terms of registered home sales value, Mumbai’s Western Suburbs dominated, capturing a 31% share. Thane West, Dombivli East, and Mira Road East led in total registered residential transactions, with Thane West recording the highest registered sales value. The Southern micro-market of Mumbai achieved the highest average registered sales value, at a staggering Rs 3.65 crore. The Lodha Group continued to dominate in terms of both total registered transactions and registered sales value.

Lodha Upper Thane and Lodha Malabar recorded the highest numbers in their respective categories. Birla Estates also made a notable entry into the top developers by registered sales value. This report underscores the growing preference for high-value homes in Mumbai MMR, despite a downturn in transaction volumes. The performance of the peripheral suburbs, particularly in terms of transaction volumes, highlights their increasing appeal among homebuyers. Meanwhile, the strong sales figures in Mumbai’s Southern micro-market and Western Suburbs underscore the continued demand for premium properties in these areas.