Mumbai (Maharashtra) [India], March 13 (ANI): The Mumbai Metropolitan Region (MMR) residential market, including apartments, plots, and villas, recorded 68,082 registered units in the October-December quarter of 2024, marking a 5 percent increase from the previous quarter, according to an Inspector General of Registration (IGR) data review by proptech firm Square Yards.

The total registered home sales value for the quarter stood at Rs 68,025 crore, an 11 percent rise compared to the September 2024 quarter.

The increase in transaction volume and value has pushed the average registered sales value per unit to Rs 1 crore, up 7 percent from Rs 94 lakh in the previous quarter.

Ganesh Devadiga, Sales Director of Square Yards, said the Mumbai region's residential market has maintained strong momentum, with both transaction volumes and gross sales value continuing to rise.

'While peripheral markets account for the bulk of residential transactions, western and southern suburbs drive gross sales value,' said Ganesh Devadiga.

Redevelopment in central and southern Mumbai is reshaping the market, creating new opportunities for both homebuyers and developers.

'At the same time, infrastructure upgrades in peripheral locations will enhance connectivity, making these areas increasingly attractive for end-users. Overall, we anticipate residential demand fundamentals to remain strong in Mumbai and its metropolitan region, supported by economic expansion and urban infrastructure growth,' added Ganesh Devadiga.

With property prices rising and registered residential transaction values crossing the Rs 1 crore mark in several micro markets, compact homes continue to dominate demand. Smaller unit sizes help keep property values within reach for end users.

Of the total registered transactions, 54 percent were for apartments smaller than 500 sq. ft. Homes in the 500-1,000 sq. ft. category accounted for 38 percent of transactions, while properties above 1,000 sq. ft. comprised 8 percent of the total registered residential transactions in the October-December 2024 period.

In terms of ticket size, properties priced below Rs. 50 lakh accounted for 50 percent of total transactions, while those in the Rs 50 lakh -1 crore range made up 24 percent. Maximum transactions in this price bracket are concentrated in peripheral markets.

Properties priced above Rs 1 crore represented 26 percent of transactions, with the highest concentration observed in Thane and central, western, and southern Mumbai.

In terms of registered transactions, Kalyan-Dombivli and localities beyond accounted for the highest share, at 20 percent of the total 68,082 transactions in October-December 2024.

The western suburbs and Navi Mumbai followed closely, each holding an 18 percent share. For total home sales value, Mumbai's western and southern suburbs dominated with a combined 50 percent share, despite contributing only 24 percent to the total number of transactions.

Mumbai's southern suburbs continue to command the highest average home sales value, at Rs 3.65 crore. In contrast, Kalyan-Dombivli and the outer suburbs recorded the lowest average value, at Rs. 34 lakh. Areas beyond Kalyan offer relatively affordable options and strong railway connectivity to Mumbai's commercial hubs.

The outlook for Mumbai MMR's residential real estate market remains promising, underpinned by infrastructure development and sustained commercial activity driving influx of working professionals to the region. Projects such as the Navi Mumbai Airport, ongoing metro expansion, and the proposed cable car project aim to enhance connectivity and accessibility across the region, Square Yards asserted. (ANI)