Mumbai Residential Sales Jump 7% In Q2, Godrej Properties Top Seller

Sale of residential properties jumped by 7% year-on-year in the Mumbai Metropolitan Region during the quarter ended Sept. 30, 2024, according to real estate marketplace platform Square Yards.

The total number of properties sold rose to 52,475 units in the September-July period from 49,508 in the same period last year, data shared by Square Yards showed. In the preceding quarter, it stood at 50,025 units.

In terms of value, the residential sales increased by 10% to Rs 48,409 crore from Rs 44,157 crore in the year-ago period. The value was also higher as compared to Rs 46,833 crore in the April-June period.

The average price at which the properties were sold in the September quarter was Rs 92 lakh, Square Yards said in a release. This was higher as compared to Rs 89 lakh in the year-ago period, but lower as against Rs 94 lakh in the April-June period.

Godrej Properties Ltd. was the top seller in terms of the transactional value during the quarter under review. It clocked sales of Rs 1,159 crore. The company was followed by Lodha Group with sales worth Rs 1,060 crore, L&T Realty with Rs 966 crore, Oberoi Realty Ltd. with Rs 503 crore and Piramal Realty with Rs 500 crore, according to Square Yards.

Peripheral suburbs continued to dominate the Mumbai-MMR market in the September quarter. Kalyan-Dombivli and Navi Mumbai accounted for around 20% share each of the overall 52,745 registered residential transactions, the release stated.

Thane West maintained its position as the top locality in terms of both volume and value of registrations, with 3,895 units registered, totalling Rs 3,568 crore. Dombivli East and Mira Road East followed Thane West in total registered residential transactions, while Kandivali East, Malad West, and Andheri West ranked next in terms of registered home sales value, it added.

The bulk of the houses sold during the quarter under review were small-sized. The properties with space of less than 500 square feet accounted for 55% of the overall sales, followed by a 37% share of properties with area ranging between 500 to 1,000 square feet. Only 8% of the houses sold were of more than 1,000 square feet, the data showed.

The outlook for Mumbai and its suburban region "remains highly optimistic", as the upcoming festivals, such as Dussehra and Diwali, along with the developer-driven schemes and offers, are expected to further bolster buyer sentiment, said Ganesh Devadiga, sales director, Square Yards.

"Additionally, recent infrastructure upgrades and the key ones underway are poised to enhance connectivity and overall livability in Mumbai-MMR, providing a strong boost to the region’s real estate sector," he added.