New report shows surge in sales amidst drop in new launches in Munbai


    Share post:

    Mumbai, July 1, 2024 – CREDAI-MCHI, the apex body of the real estate industry in the
    Mumbai Metropolitan Region (MMR), in partnership with CRE Matrix, proudly announces
    the release of the much-anticipated MMR Housing Report for FY 2024.

    This detailed report provides critical insights into the Mumbai Metropolitan Region (MMR) real estate market, showcasing significant trends and developments that are shaping the housing landscape.

    The MMR Housing Report 2024 reveals notable trends in sales, inventory, and property values across various regions within MMR. According to the report, the overall housing sales in MMR have increased by 5% in FY 2024 compared to FY 2023, reflecting the region’s robust demand for residential properties despite a challenging economic environment. This growth is particularly significant given the backdrop of a 22% decline in new housing launches, indicating a strong absorption rate of available inventory.

    Key findings from the report highlight a substantial 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, bolstered by improved connectivity and infrastructure developments such as the Atal Setu and Navi Mumbai Airport. Despite these positive trends, the report notes a 63% rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.

    The report also documents a steady rise in the average value of housing units across MMR. There was a notable 4% increase in FY 2024 compared to the previous fiscal year. Specific regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar experienced a 7- 12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.

    Domnic Romell, President of CREDAI-MCHI, expressed his gratitude for the collaborative effort with CRE Matrix, stating, “”We are thrilled to present the MMR Housing Report 2023, in partnership with CRE-Matrix. This collaborative effort has empowered us to deliver a comprehensive analysis of the Mumbai Metropolitan Region’s real estate landscape. The report unveils critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% increase in property prices during Q2 CY’23. These findings underscore our commitment to providing stakeholders with accurate, actionable data, and fostering informed decision-making in this dynamic market.

    We extend our gratitude to our partners and stakeholders for their ongoing support as we continue to shape the future of MMR real estate.”

    Abhishek Kiran Gupta, CEO and Co-Founder of CRE Matrix, shared his enthusiasm for the ongoing collaboration, noting, “Despite a slight decline in growth rates of housing sales as expected, MMR still scaled new peaks in housing demand in FY’24. The Demand to Supply ratio in MMR has never been this high. Despite a 22% decline in launches, we saw a 5% growth in sales.

    “Demand across macro-markets which contribute the most – Eastern Suburbs, Western Suburbs, Thane City – remained strong. Navi Mumbai story is unfolding now with the Atal Setu effect kicking in – launches, demand and pricing – all going upwards in the region, and we expect this to continue in the near future.

    “With the Aqua line of Metro launching this year, we expect more hectic activity in regions benefitting from this development. “

    The report underscores the dynamic nature of the MMR real estate market, with significant variations in performance across different regions. For instance, while Central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario.

    All values are for FY’24 as compared to FY’23 unless mentioned otherwise. Green and red values denote highest and lowest values in that particular column respectively.

    Areas Sales (%) New housing launches (%) Unsold inventories (%) Apartment Values (%)
    MMR +5 -22 +5 4
    South Mumbai +41 -50 +2 -13
    Central Mumbai -17 -67 -12 -7
    Central Suburbs +16 -22 -2 0
    Eastern Suburbs +9 -30 -5 0
    Western Suburbs +13 -35 +2 +3
    Thane City +9 -38 -2 +11
    Navi Mumbai +22 +54 +63 +10
    Mira Bhayandar +15 -22 0 +10
    KDMC & Others -5 -11 +9 +5
    Badlapur-Ambernath +6 -32 +7 0
    Bhiwandi +17 -45 +3 +19
    Greater Thane +18 -10 +5 0
    Vasai-Virar -6 -9 +12 +12 (FY’21)
    Rest of Palghar 0 +50 +8 +19 (FY’21)
    Panvel -6 -16 +9 +10
    Rest of Raigad +24 +17 +10 +25

    CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen.

    Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organization and progress.

    As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as a preferred platform for regional discussions on housing and habitat by establishing close and strong ties with the government. It is committed to breaking barriers to create a strong, organized, and progressive real estate sector in the MMR.

    The vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves, protects, and advances the right to housing for all. To continue being a trusted ally, buiding their members, supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity.

    Related Posts

    Latest posts

    Indian Real Estate Deals Saw ‘Eight-fold Increase’ In April-June 2024

    In a remarkable upswing, the Indian real estate market recorded deals rose massively, reaching worth $1.56 billion, during...

    Luxury Housing Sales Continue To Soar: CBRE

    Sales in luxury housing market in India surged nearly 27 percent compared to the same period last year,...

    ASK Property Fund Invests Rs 190 Crore In Kalpataru’s Mumbai Project

    ASK Property Fund, the private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs...

    COWRKS Expands Footprints In India With New Centres In Mumbai, Bengaluru

    COWRKS, a leading provider of premium workspaces announced its expansion with the opening of new centres in Mumbai...