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

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

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

Lodha Group leads

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

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

Top areas in MMR

In the bustling property market of MMR, Thane West emerged as the leader in the 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 Road East secures the third spot with 2,848 transactions worth Rs 1,752.7 crore.

 The demand for property extends further into the suburbs, with Virar West, Ulwe, and Kandivali West claiming notable positions on the list, each recording substantial transaction volumes and sale values. Badlapur 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 the top ten list with 1,008 transactions amounting to Rs 1,987.2 crore.

Majority in budget segment

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

Ganesh Devadiga, Senior Vice President, Square Yards, commented on the market dynamics, stating, "The onset of Q1 2024 has affirmed that the 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."

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