 "Mumbai realty sees 38% increase in property registration in Q1 2024: Report")
In the first quarter of 2024, the Mumbai Metropolitan Region (MMR) witnessed a significant 38% increase in property registration value, reaching a total of Rs 54,240 crore. This growth was highlighted by the completion of 60,719 transactions, according to a report from Square Yards Data Intelligence.
Leading the surge was Lodha Group (Macrotech Developers), which topped the charts in both volume and units sold, with 1,881 properties generating Rs 2,318 crore. Following closely were Oberoi Realty and Runwal Group, which secured high ranks in total sale value and number of units sold, respectively.
“The onset of Q1 2024 has affirmed that the Mumbai Metropolitan Region (MMR) is currently a buyer's market. The increasing home buying sentiment, coupled with a diverse range of housing options, is driving investment intentions," said Ganesh Devadiga, SVP and Sales Director at Square Yards.
Dosti Greater Thane emerged as the most sought-after project in terms of sales transactions. It was closely followed by Runwal Gardens and Dosti West County. Thane West was the most active locality, witnessing over 5,000 transactions, reflecting its popularity among new homebuyers and investors due to its improved infrastructure and a wide variety of property options.
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The data further revealed that properties priced below Rs 50 lakh accounted for 51% of the transactions, highlighting a strong demand for affordable housing. Properties sized between 0-500 sq. ft. were most popular, making up 56% of the transactions.