Mumbai MMR Housing Market Sees Strong Growth In Q4 2024

The Mumbai Metropolitan Region (MMR) residential market recorded a growth of 11 per cent in the October-December 2024 quarter, for registered home sales value, as per data from the Inspector General of Registration (IGR) analyzed by Square Yards. Additionally, the region also saw a 5 per cent rise in transaction numbers compared to the previous quarter.

“The Mumbai MMR residential market has maintained strong momentum, with both transaction volumes and gross sales value continuing to rise,” said Ganesh Devadiga, Sales Director at Square Yards in an official statement. “Redevelopment in central and southern Mumbai is reshaping the market, creating new opportunities for both homebuyers and developers. At the same time, infrastructure upgrades in peripheral locations will enhance connectivity, making these areas increasingly attractive for end-users,” he added, in the official statement.

A total of 68,082 residential units, which included apartments, plots, and villas, were registered during the quarter. The total sales value reached Rs 68,025 crore, pushing the average registered sales value per unit to Rs 1 crore, up from Rs 94 lakh in the previous quarter.

Who Emerged As Market Leaders 

Lodha Group led when it came to registered home sales value, recording Rs 1,787 crore, mostly driven by its Lodha Bellevue project in Mahalaxmi. Following it was Godrej Properties with Rs 1,460 crore.  Meanwhile, Godrej Reserve in Kandivli stood as a major contributor. Oberoi Realty secured the third spot with Rs 1,340 crore, supported by Oberoi Three Sixty West in Worli. It is also known for housing celebrities and prominent business figures.

Conceptual Advisory Services led the market with 973 registered transactions, in terms of transaction volume, mostly driven by Suraksha Smart City in Vasai East. 

Meanwhile, Lodha Group followed with 852 sales numbers along with Lodha Crown in Thane West among the top-selling projects. Dosti Group stood at the third position with 589 transactions, supported by Dosti West County in Thane West.

Micromarket Performance

Kalyan-Dombivli and surrounding areas led in transaction volume, contributing 20 per cent of all residential sales in the quarter. The western suburbs and Navi Mumbai followed, each accounting for 18 per cent. However, in terms of total sales value, Mumbai’s western and southern suburbs dominated with a combined 50 per cent share, despite contributing only 24 per cent to total transactions, as per the report.

Among localities, Thane West led with the highest registered sales value of Rs 5,348 crore across 5,291 transactions. Dombivli East and Mira Road East followed, with Worli and Lower Parel ranking high in overall sales value, as per the report.