MMR property deals hit Rs 54,240 crore in Q1 2024, up 38%

MMR property spikes: Mumbai Metropolitan Region (MMR) witnessed a surge in property registration values, recording transactions worth Rs 54,240 crore during first quarter of 2024, marking a notable 38 per cent increase from previous quarter, according to Square Yards Data Intelligence.

surge in real estate activity is indicative of region's robust growth trajectory, with 60,719 transactions recorded during period, representing a substantial 30 per cent increase from preceding quarter.

Lodha Group les

Leing pack of developers in terms of both volume and units sold is Lodha Group (Macrotech Developers), which maintained its prominent position in market with 1,881 units sold amounting to Rs 2,318 crore. Following closely behind is Oberoi Realty, securing second spot in terms of total sale value at Rs 1,717 crore.

Thane West emerged as leing locality for real estate transactions during first quarter of 2024, with over 5,000 units sold. This surge in activity can be attributed to area's diverse range of properties, improved infrastructure, and enhanced transportation facilities.

Top areas in MMR

In bustling property market of MMR, Thane West emerged as leer in first quarter of 2024, boasting 5,004 transactions with a total sale value of Rs 4,948.7 crore. Following closely behind is Dombivli East, with 2,985 transactions valued at Rs 1,286.0 crore, while Mira Ro East secures third spot with 2,848 transactions worth Rs 1,752.7 crore.

  demand for property extends furr into suburbs, with Virar West, Ulwe, and Kandivali West claiming notable positions on list, each recording substantial transaction volumes and sale values. Blapur East, Vasai East, and Kalyan West also witnessed significant activity. 

Notably, Andheri West, a prominent locale known for its commercial and residential significance, rounds off top ten list with 1,008 transactions amounting to Rs 1,987.2 crore.

Majority in budget segment

Analysis of budget and area-wise demand from January to March 2024 reveals that properties priced below Rs 50 lakh constituted majority of transactions at 51 per cent, with properties ranging from 0-500 sq ft being most in demand, comprising 56 per cent of transactions.

Ganesh Deviga, Senior Vice President, Square Yards, commented on market dynamics, stating, " onset of Q1 2024 has affirmed that Mumbai Metropolitan Region is currently a buyer's market. Increasing home buying sentiment, along with ample supply and diverse options ranging from affordable to luxury housing, is driving investment intentions."

performance of MMR's property market highlights region's resilience amidst economic uncertainty, with developers dressing market needs and infrastructure improvements poised to furr boost market in 2024.