The Mumbai Metropolitan Region (MMR), including the Mumbai real estate market, reported 60,719 residential property transactions worth Rs 54,239 crore in the first quarter of 2024.
Micro-markets like Thane, Dombivali, Mira Road, Virar, Ulwe Kandivali were a few of the most preferred destinations for purchasing residential units, according to data from the Maharashtra government collated by real estate consultancy firm Square Yards.
According to the data, in Q4FY24, MMR reported 46,638 property registrations were reported to have a value of Rs 39,170 crore.
Where are homebuyers purchasing?
During Q1 2024, Thane West took the lead as the top locality for residential transactions, selling over 5,000 units valued at more than Rs 4,948 crore. Following closely, Dombivali East reported 2,985 residential transactions worth Rs 1,296 crore. Mira Road reported 2,848 transactions worth Rs 1,752 crore.
Further, micro-markets like Virar West, Ulwe, Kandivali West, and Badlapur East reported around 5,000 residential transactions of over Rs 2,400 crore.
Also read: Why Buy Now, Pay Later is making a comeback in the Mumbai real estate market?
"Thane emerged as a prime choice for new homebuyers and investors due to its offering of a diverse range of properties from affordable to luxurious. Improved infrastructure and transportation facilities have made commuting easier, contributing to the overall appeal of the Thane," said Square Yards in its residential report.
Additionally, the rapid development of social infrastructure, including schools, hospitals, shopping centers, and recreational facilities, has further elevated the desirability of these localities, making them an attractive choice for residents and investors seeking convenience, connectivity, and lifestyle amenities, added the report.
Price range
In terms of pricing, properties priced below Rs 50 lakh constituted the majority of transactions at 51 percent. This was followed by properties priced between Rs 50 lakh to Rs 1 crore, which accounted for 24 percent of transactions.
In terms of size, properties ranging from 0-500 sqft were most in demand, making up 56 percent of the transactions, the data reveals.
“The onset of Q1 2024 has affirmed that MMR is currently a buyer's market. Planned infrastructure development, particularly the upcoming metro lines enhancing connectivity to major hubs, is spotlighting new micro-markets for investment opportunities” said Ganesh Devadiga, SVP and Sales Director, Square Yards.
Also read: Mumbai real estate: 27% less units launched in CY23 compared to CY22, 1 BHK ratio goes up
Top developers
Meanwhile, according to Square Yards report the first quarter saw Macrotech Developers operating under the brand name of Lodha as a top performer in MMR in terms of volume and units sold. Lodha sold 1881 units amounting to Rs 2,318 crores.
Oberoi Realty held on to the second spot in terms of total sale value registering Rs 1,717 crores while Runwal Group maintained the second spot in the number of units sold with 679 transactions.
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