The overall housing sales in the Mumbai Metropolitan Region (MMR) have increased by 5% in FY24 as compared with FY23, reflecting the region’s inherent demand for residential properties despite a challenging economic environment CREDAI-MCHI, the apex body of the real estate industry of MMR said in a report prepared in partnership with CRE Matrix.
As per the MMR Housing Report 2024, this growth is particularly significant given the backdrop of a 22% decline in new housing launches.
Key findings from the report highlight a 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects.
Navi Mumbai follows with a 22% increase in sales, due to improved connectivity and infrastructure developments such as the Atal Setu and Navi Mumbai Airport.
Despite these positive trends, the report notes a 63% rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.
As per the report there is a steady rise in the average value of housing units across MMR. “There was a notable 4% increase in FY24 compared with the previous fiscal year.”
Domnic Romell, President of CREDAI-MCHI in a statement said, “The report unveils critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% increase in property prices during Q2 CY’23.”
“These findings underscore our commitment to providing stakeholders with accurate, actionable data, and fostering informed decision-making in this dynamic market. We extend our gratitude to our partners and stakeholders for their ongoing support as we continue to shape the future of MMR real estate,” he added.
