Mumbai's average home prices soar to record high of Rs 94 lakh: Report

In the second quarter of 2024, the Mumbai Metropolitan Region (MMR) saw an increase in the average registered home sales value. According to proptech firm Square Yards, the average value hit a record-high of Rs 94 lakh, reflecting a 10 per cent year-on-year (YoY) growth. This rise occurred despite a drop in the total number of registered transactions.

Key data

— Total registered transactions: 50,025

— Registered sales value: Rs 46,833 crore

— YoY decline in transactions: 15 per cent

— YoY decline in sales value: 6 per cent

"Although the total number of registered transactions has fallen, there’s been a notable increase in average sales value. This rise points to a growing interest in premium properties from Grade A developers, not only in Mumbai but also in peripheral areas, and reflects the confidence of buyers and investors in the region’s robust residential real estate sector,” said Indrajit Sidhanta, Principal Partner & Head of Business Development at Square Yards.

Sidhanta also highlighted that the June quarter is usually slower but expects an upswing as developers position themselves strategically in key areas for the festive season.

Micro market performance

Peripheral suburbs: 

Highest share of registered transactions (21 per cent), led by Kalyan-Dombivli, Bhiwandi, Badlapur-Ambernath, and Ulhasnagar.

Top locality: Dombivli

Western suburbs:

Highest share of registered sales value (31 per cent)

Top locality in sales value: Thane West, with Rs 3,853 crore in sales

Southern micro-market:

Highest average registered sales value at Rs 3.65 crore, a 31 per cent annual increase.

Navi Mumbai:

Noteworthy growth with a 19 per cent increase in average registered sales value to Rs 60 lakh.

Mumbai MMR Residential Real Estate highlights:

Q2 2024:

Registered residential transactions (no of units): 50,025

Registered sales value (GTV) (Rs crore): 46,833

Average registered sales value (Rs crore): 0.94

Q1 2024:

Registered residential transactions (no of units): 60,719

Registered sales value (GTV) (Rs crore): 54,239

Average registered sales value (Rs crore): 0.89

Q2 2023:

Registered residential transactions (no of units): 58,823

Registered sales value (GTV) (Rs crore): 49,837

Average registered sales value (Rs crore): 0.85

Year-over-Year (YoY) change:

Registered residential transactions: -15 per cent

Registered sales value: -6 per cent

Average registered sales value: 10 per cent

Quarter-over-Quarter (QoQ) change:

Registered residential transactions: -18 per cent

Registered sales value: -14 per cent

Mumbai MMR Micromarket Summary – Q2 2024 (April-June)

Overall Mumbai MMR:

Registered residential transactions (no of units): 50,025

Registered home value (Rs crore): 46,833

Average registered home sales value (Rs crore): 0.94

Kalyan-Dombivli & beyond:

Registered residential transactions (no of units): 10,491

Registered home value (Rs crore): 3,450

Average registered home sales value (Rs crore): 0.33

Navi Mumbai:

Registered residential transactions (no of units): 9,432

Registered home value (Rs crore): 5,658

Average registered home sales value (Rs crore): 0.6

Mumbai Western Suburbs:

Registered residential transactions (no of units): 9,260

Registered home value (Rs crore): 14,467

Average registered home sales value (Rs crore): 1.56

Mira Road & beyond:

Registered residential transactions (no of units): 7,944

Registered home value (Rs crore): 3,240

Average registered home sales value (Rs crore): 0.41

Thane:

Registered residential transactions (no of units): 5,009

Registered home value (Rs crore): 4,311

Average registered home sales value (Rs crore): 0.86

Mumbai Central Suburbs:

Registered residential transactions (no of units): 4,183

Registered home value (Rs crore): 5,338

Average registered home sales value (Rs crore): 1.28

Mumbai South:

Registered residential transactions (no of units): 2,245

Registered home value (Rs crore): 8,184

Average registered home sales value (Rs crore): 3.65

Mumbai Harbour:

Registered residential transactions (no of units): 1,461

Registered home value (Rs crore): 2,185

Average registered home sales value (Rs crore): 1.5

Top developers by registered home sales value

Mumbai MMR Q2 2024 (April-June)

1. Lodha Group: Maintained leading position in total registered transactions and sales value.

Registered home sales value (Rs crore): 1,667

Top projects:

— Lodha Upper Thane in Thane (highest number of registered transactions)

— Lodha Malabar in Malabar Hills (highest Registered sales value)

2. Godrej Properties

Registered home sales value (Rs crore): 1,306

Top projects by registered home sales value: Godrej Reserve, Godrej Horizon

3. Birla Estates: Emerged as a notable entrant, with Birla Niyaara in Worli placing them third in Registered sales value for the June quarter.

Registered home sales value (Rs crore): 1,126

Top project by registered home sales value: Birla Niyaara

4. Oberoi Realty

Registered home sales value (Rs crore): 973

Top projects by registered home sales value: Oberoi Three Sixty West, Oberoi Elysian

5. Hiranandani Group

Registered home sales value (Rs crore): 594

Top projects by registered home sales value: Hiranandani Fortune City, Hiranandani Empress Hill, Hiranandani Regent Hill

6. Mahindra Lifespace Developers

Registered home sales value (Rs crore): 526

Top project by registered home sales value: Mahindra Vista

7. Raymond Realty

Registered home sales value (Rs crore): 433

Top projects by registered home sales value: Raymond GS The Address, Raymond Ten X Era, Raymond Ten X Habitat

8. Piramal Realty

Registered home sales value (Rs crore): 393

Top projects by registered home sales value: Piramal Aranya, Piramal Mahalaxmi, Piramal Vaikunth