In the first quarter of 2024, the Mumbai Metropolitan Region (MMR) witnessed a significant uptick in residential property transactions, totaling 60,719 deals valued at Rs 54,239 crore. Among the preferred locations for homebuyers were Thane, Dombivali, Mira Road, Virar, Ulwe, and Kandivali.
Thane West emerged as the top locality, with over 5,000 units sold, amounting to more than Rs 4,948 crore. Following closely behind was Dombivali East, with 2,985 transactions worth Rs 1,296 crore, and Mira Road, reporting 2,848 transactions valued at Rs 1,752 crore.
The appeal of these areas lies in their diverse property offerings, ranging from affordable to luxurious, coupled with improved infrastructure and transportation facilities, making commuting easier. Additionally, the rapid development of social infrastructure, including schools, hospitals, and shopping centers, has further boosted their desirability.
In terms of pricing, properties below Rs 50 lakh accounted for the majority of transactions at 51%, followed by properties priced between Rs 50 lakh to Rs 1 crore, constituting 24% of deals. Most transactions involved properties ranging from 0-500 sqft in size, making up 56% of the total.
The market dynamics indicate that MMR is currently favorable for buyers, with planned infrastructure development, such as upcoming metro lines, highlighting new investment opportunities in emerging micro-markets.
Among the top performers in Q1CY24 were Macrotech Developers (Lodha), leading in both volume and units sold, followed by Oberoi Realty and Runwal Group, showcasing robust performance in terms of sales value and transaction volume respectively.
Also read: Upcoming Infrastructure Developments in Mumbai Poised to Drive Real Estate Growth