Updated April 25th, 2024 at 13:21 IST

Mumbai realty witnesses 38% surge in property registration value in Q1FY24: Report

Lodha group tops the list of developers followed by Oberoi Realty & Hiranandani

Reported by: Business Desk
Real estate sales up 68% | Image:Republic
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Realty Check: Mumbai Metropolitan Region (MMR) has emerged as India's premier residential market, exhibiting strong growth at the onset of the financial year, said a statement. 

As per the statement, the first quarter of 2024 witnessed a notable upward trajectory, reflecting MMR's enduring dominance. The comprehensive data  compiled by Square Yards Data Intelligence reveals that MMR recorded an impressive 60,719 transactions, amounting to a substantial Rs 54,239 crores in total.

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“The first quarter saw Lodha Group (Macrotech Developers) maintain its prominent position as the top performer in terms of volume and units sold on the back of heightened demand with 1881 units amounting to Rs 2318 crore,” said the statement.

Oberoi Realty held on to the second spot in terms of total sale value registering Rs 1717 crore while Runwal Group maintained the second spot in number of units sold with 679 transactions.

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 “The onset of Q1 2024 has affirmed that the Mumbai Metropolitan Region (MMR) is currently a buyer's market. Increasing home buying sentiment, along with ample supply and diverse options ranging from affordable to luxury housing, is driving investment intentions. 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.

Dosti Greater Thane secured first position as the top-selling project in the Mumbai Metropolitan Region (MMR) based on sales transactions followed by Runwal Gardens and Dosti West County.

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 In Q1 2024, Thane West emerged as the leading locality for real estate transactions, with an impressive 5000+ units sold. This area 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 the 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.

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Analysing the budget and area-wise demand from January to March 2024, properties priced below Rs 50 lakh constituted the majority of transactions at 51 per cent. Properties priced between Rs 50 lakh to Rs 1 crore accounted for 24 per cent of transactions. In terms of area, properties ranging from 0-500 Sqft. were most in demand, making up 56 per cent  of the transactions.

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Published April 25th, 2024 at 13:21 IST