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Mumbai MMR Sets New Benchmark with Average Home Sales at INR 94 Lakh

Jul 15, 2024 by Mansi 0 Comments #Home Sale, #Indrajit Sidhanta, #MMR, #Mumbai

Mumbai, Maharashtra, July 15, 2024 – The Mumbai Metropolitan Region (MMR) has recorded an unprecedented surge in average registered home sales value in the second quarter of 2024, according to the latest report by Square Yards. The average registered home sales value basis the IGR data, analysed by Square Yards, reached a record-high of Rs. 94 lakh, reflecting a 10% YoY growth, despite a decrease in the total number of registered transactions in the region.

In the June 2024 quarter, a total of 50,025 residential real estate transactions were registered across Mumbai MMR, amounting to a registered sales value of Rs. 46,833 crore. Although there was a 6% drop in the overall registered sales value year-over-year (YoY) in Q2 2024 (April-June), this occurred alongside a steeper 15% decline in the total number of registered transactions during the same period. This dynamic coupled with record-high average registered sales value across Mumbai MMR, suggests a growing appetite for high-valued homes.

Mumbai MMR Residential Real Estate Summary – Q2 2024 (April-June)
  Q2 2024 Q1 2024 Q2 2023 YoY QoQ
Registered Residential Transactions (No. of units) 50,025 60,719 58,823 -15% -18%
Registered Sales Value (GTV) (Rs. crore) 46,833 54,239 49,837 -6% -14%
Average Registered Sales Value (Rs. crore) 0.94 0.89 0.85 10% 5%

Indrajit Sidhanta, Principal Partner & Head of Business Development, Square Yards said, “Recent data from June 2024 quarter highlights that, although the total number of registered transactions has fallen, there’s been a notable increase in average sales value. This rise points to a growing interest in premium properties from Grade A developers, not only in Mumbai but also in peripheral areas, and reflects the confidence of buyers and investors in the region’s robust residential real estate sector.”

“Also, historically the June quarter tends to be a bit slower, but we anticipate an upswing as developers are strategically positioning themselves in key localities across Mumbai MMR, and gearing up with a strong pipeline of projects to capitalize on the upbeat homebuyer sentiment during the upcoming festive season,” he noted.

Micro Market Performance

Peripheral suburbs continue to lead the Mumbai MMR market. Kalyan-Dombivli and its neighbouring localities, including Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, took the highest share of 21% in the overall registered residential transactions, with Dombivli leading the pack. In terms of registered home sales value, Mumbai’s Western Suburbs claimed the highest 31% share of the overall Rs. 46,833 crore during April-June 2024 period.

Mumbai MMR Micromarket Summary – Q2 2024 (April-June)
Micromarket Registered Residential Transactions (No. of units) Registered Home Value (Rs. crore) Average Registered Home Sales Value (Rs. crore)
Overall Mumbai MMR 50,025 46,833 0.94
Kalyan-Dombivli & Beyond 10,491 3,450 0.33
Navi Mumbai 9,432 5,658 0.6
Mumbai Western Suburbs 9,260 14,467 1.56
Mira Road & Beyond 7,944 3,240 0.41
Thane 5,009 4,311 0.86
Mumbai Central Suburbs 4,183 5,338 1.28
Mumbai South 2,245 8,184 3.65
Mumbai Harbour 1,461 2,185 1.5

Localities such as Thane West, followed by Dombivli East and Mira Road East, led in total registered residential transactions in Q2 2024. In terms of registered sales value, Thane West took the lead, with properties worth Rs. 3,853 crore sold during the June quarter.

The highest average registered sales value was recorded in Mumbai’s Southern micro-market, standing at an impressive Rs. 3.65 crore, marking a significant 31% annual increase. Peripheral suburbs such as Navi Mumbai also experienced noteworthy growth, with the average registered sales value increasing by 19% to Rs. 60 lakh.

Market Leaders and Key Projects

During the second quarter, the Lodha Group (MacroTech Developers) maintained its leading position in total registered transactions as well as registered sales value. Lodha Upper Thane in Thane recorded the highest number of registered transactions, while Lodha Malabar in Malabar Hills achieved the highest registered sales value. A notable entrant among the top developers by registered sales value is Birla Estates. Their project, Birla Niyaara in the affluent Worli locality, propelled them to the third spot in the June quarter.

Top Developers by Registered Home Sales Value

Mumbai MMR Q2 2024 (April-June)
Rank Developers Registered Home Sales Value (Rs. crore) Top Projects by Registered Home Sales Value
1 Lodha Group 1,667 Lodha Malabar, Lodha Woods, Lodha Bellissimo
2 Godrej Properties 1,306 Godrej Reserve, Godrej Horizon
3 Birla Estates 1,126 Birla Niyaara
4 Oberoi Realty 973 Oberio Three Sixty West, Oberio Elysian
5 Hiranandani Group 594 Hiranandani Fortune City, Hiranandani Empress Hill, Hiranandani Regent Hill,
6 Mahindra Lifespace Developers 526 Mahindra Vista
7 Raymond Realty 433 Raymond GS The Address, Raymond Ten X Era, Raymond Ten X Habitat
8 Piramal Realty 393 Piramal Aranya, Piramal Mahalaxmi, Piramal Vaikunth
9 Runwal Group 346 Runwal Gardens, Runwal Bliss, Runwal Avenue
10 Rustomjee 331 Rustomjee Crown, Rustomjee Seasons

Top Developers by No. of Registered Residential Transactions

Mumbai MMR Q2 2024 (April-June)
Rank Developers Registered Residential Transactions (No. of units) Top Projects by No. of Registered Residential Transactions
1 Lodha Group 906 Lodha Upper Thane, Lodha Amara, Lodha Casa Belvedere
2 Dosti Group 469 Dosti Greater Thane, Dosti West County
3 Godrej Properties 458 Godrej Reserve, Godrej Ascend, Godrej Horizon
4 Runwal Group 412 Runwal Gardens, Primrose, Runwal Avenue
5 Hiranandani Group 381 Hiranandani Fortune City, Hiranandani Regent Hill, Hiranandani Empress Hill
6 Mahindra Lifespace Developers 287 Mahindra Vista, Mahindra Happinest
7 Raymond Realty 221 Raymond Ten X Habitat, Raymond Ten X Era, Raymond GS The Address
8 JP Infra 184 JP Codename Starlife, JP North
9 Paradise Group 175 Sai World Empire, Paradise Sai Suncity, Paradise Sai World Dreams
10 Vihang Group 169 Vihang Valley, Vihang Woods

According to Square Yards trends and insights, developers in the Mumbai MMR are seeing positive results both in the suburbs and peripheral areas of Mumbai. While the bulk of sales occur in the peripheral areas, the suburbs in Mumbai are experiencing high demand for luxury and ultra-luxury projects. Developers continue to align their projects to meet the diverse needs of homebuyers across Mumbai MMR.

business

Pune’s Real Estate Boom – Is Now the Perfect Time to Invest?

Jul 10, 2024 by Mansi 0 Comments #Akash Pharande, #ANAROCK, #MMR, #Pune, #Real Estate Boom

akash pharande

by-Akash Pharande, Managing Director – Pharande Spaces

Pune, one of India’s most vibrant real estate markets, has experienced rapid changes over the past few years. Latest data from leading real estate consultancies show a scenario of strong housing price increases and ongoing changes in market dynamics, pointing towards further price hikes in the future.

According to real estate consultants Anarock, Pune and the Mumbai Metropolitan Region (MMR) saw over 50% of the overall housing sales in Q2 2024 among the top seven cities. This is a resounding statement for Pune — a city once considered the laid-back cousin of the financial capital and is now competing in the same league.

Rising Property Prices: A Continuum

Recent data from various leading consultancies clearly show Pune’s trend of rising property prices. There has been a significant 20-23% year-on-year increase compared to Q1 2023. This resilience and rising demand are driving prices higher. Several factors explain Pune’s growing housing prices

– Economic Growth & Employment Opportunities: Pune’s real estate market has improved significantly due to its development into a major IT and manufacturing center. High demand from professionals seeking homes near their workplaces has led to a surge in property values in and around IT parks and manufacturing hubs.

– Infrastructure Development: Ongoing and planned infrastructure improvements such as road extensions, new flyovers, and the Pune Metro are boosting the city’s property values and connectivity. This dynamic is evident across Greater Pune, which includes the Pune Municipal Corporation (PMC) and the infrastructure-driven Pimpri-Chinchwad Municipal Corporation (PCMC).

– Shift in Housing Segments: Pune’s housing market is now driven by mid-range and premium-to-luxury housing, thanks to higher demand for such options. The higher purchasing and borrowing power of the target clientele supports ongoing price increases.

pune real estate

So – Buy Now or Later?

To answer this very important question, it is necessary to consider some fundamentals. Pune’s strong economic growth draws professionals and families from various industries. The city offers a high livability quotient, better housing affordability, and a superior climate compared to neighboring Mumbai. It also boasts top-grade healthcare and education options and proximity to Mumbai, Maharashtra’s main economic hub.

Pune has delivered an overall residential price appreciation of well over 20% in just one year. Naturally, both end-users and investors find the city very appealing, especially considering its rapid growth since 2020, which saw Pune’s lowest year for housing demand in the last decade due to the COVID-19 pandemic.

Job losses, economic disruption, and the disappearance of construction labour brought building activity to a halt. The lockdowns caused a significant decline in real estate market demand and supply.

But in 2021, the market began to bounce back powerfully. With a 17% year-on-year increase, Pune saw the highest property sales since 2013. Buyer confidence increased steadily. In 2023, the Pune housing market rebounded remarkably. The current year is poised to set new benchmarks.

The writing is clearly on the wall — there is no stopping the Pune housing market, and a wait-and-watch stance can cost buyers dearly. For those who want to buy a home in Pune, either to live here or to reap investment returns, there is a strong argument for acting now. Historical data and current patterns clearly imply that the city’s property values will keep rising.

Given the continuous growth of the city and its expanding economic base, homes bought now will deliver significant value addition over time. Pune is currently second only to Mumbai in new residential launches and sales and is also attracting increasing interest from institutional investors eyeing its commercial real estate market.

This means more workplaces, more jobs, and even higher housing demand driving prices steadily northward. For potential buyers and investors, the message is clear – there is no equity in waiting for a more opportune time in Pune’s thriving housing market.

business

Unsold Housing Inventory: NCR Cities Down 57%, Gurgaon Down 37%

Jun 5, 2024 by Gayathri Pariti 0 Comments #GLS Group, #Gurgaon, #Gurgaon Down 37%, #MMR, #Mr. Surinder Singh, #NCR market, #North India’s Delhi-NCR, #Unsold Housing Inventory

GURGAON: Going by a region’s prevailing unsold housing inventory as an indicator of its realty market’s health, North India’s Delhi-NCR – once notorious for speculation-driven oversupply and all-round market disarray – is in significantly better shape than the other regions.

Director GLS, Surinder Singh

Latest data by real estate consultants indicates that Delhi-NCR’s unsold inventory declined by a massive 57% in the last five years.

NCR is followed by Southern markets – Bengaluru, Hyderabad, and Chennai – which saw their collective unsold stock shrink by 11% in this period. MMR and Pune in the West saw their cumulative unsold stock reduce by 8%. In the East, Kolkata saw its unsold inventory decline by an impressive 41% in the period. NCR’s unsold stock declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end.

NCR based developers are upbeat with the development and said the residential market has regained confidence and will continue in the coming years. Mr. Surinder Singh, Director GLS Group, said “The improved sentiments in the real estate sector, coupled with increased demand for homes, have significantly reduced our unsold inventory. This positive shift reflects our commitment to meeting market needs and delivering quality living spaces.”

Of the total unsold inventory in NCR, Gurgaon currently has the maximum stock of approx. 33,326 units – a 37% decrease in the last five years.

Noida had approx. 7,451 unsold units by Q1 2024-end, against 25,669 units in the same quarter of 2018 – thus declining by 71%, topping the list. “Greater Noida is next with approx. 18,668 units lying unsold as of Q1 2024-end. However, Greater Noida reduced its stock by a whopping 70% since Q1 2018. Ghaziabad saw its unsold stock decline to approx. 11,011 units in Q1 2024, from approx. 37,005 units in Q1 2018 – a massive 70% 5-year decline” said the report.

Delhi, Faridabad & Bhiwadi together had approx. 15,964 unsold units as on Q1 2024-end, from approx. 23,038 units at Q1 2018-end – a 31% decrease.

“What really worked for the NCR market was developers’ determination to keep new supply additions under control. ANAROCK data indicates that NCR witnessed total new supply of approx. 1.81 lakh units between Q1 2018 to Q1 2024. NCR’s upbeat performance also reflects renewed buyer confidence in the region” said Singh.