MMR Realty Market Posts Fabulous Growth Of 38% For Q1 2024

MMR Realty Market

The Mumbai Metropolitan Region (MMR) has once again established its position as the premier residential market in the country, posting record growth of 38% for the first quarter of 2024. Square Yards Data Intelligence has reported how the market witnessed 60,719 transactions in total for this period, equating to Rs. 54,239 crore in all. Macrotech Developers or Lodha Group maintained its position as the top performer for this period by way of unit sales and volumes, with Rs, 2,318 crore or 1,881 units in all. Oberoi Realty came second with Rs. 1,717 crore in sales, while Runwal Group was at the second position by way of unit sales, with 679 transactions in total.

Ganesh Devadiga, SVP and Sales Director, Square Yards, stated that Q1 2024 has once again shown how the MMR is presently a market more favorably inclined towards buyers. He also mentioned how favorable sentiments for home purchases, sufficient housing supply, and multiple options spanning the entire spectrum from affordable to luxury units, is majorly propelling growth here. He also stated how planned development of infrastructure, especially new metro lines which will boost connectivity to key hubs, thereby putting the investment spotlight firmly on newer micro-markets.

Dosti Greater Thane took the top position as the highest-selling project in the MMR on the basis of sales transactions (360), followed by the Runwal Gardens (228 transactions) and Dosti West County (218 transactions) projects. Thane West was the most-preferred locality for realty transactions in the first quarter of 2024, with more than 5,000 units in sales. Homebuyers preferred this market owing to its diverse property range, improvements in transportation and infrastructure, and development of social infrastructure including hospitals, schools, recreational amenities, and shopping centres. Properties priced lower than Rs. 50 lakh accounted for 51% of transactions, while those between Rs. 50 lakh and Rs. 1 crore contributed 24% to the tally. Properties up to 500 sq. ft. also accounted for 56% of transactions by way of area in this period.

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Published Date: 25 April, 2024

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