Tuesday, 23 January 2024

MMR clocks residential sales of Rs 39,170 Crores in Oct-Dec Quarter. Lodha leads in volume and units sold.


Mumbai, 23rd Jan 2024: MMR continued its bullish run as India’s leading residential market in Q4 2023, registering 46,638 transactions, totaling Rs 39,170 crores, according to IGR data sourced by Square Yards Data Intelligence.

The festive 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 1165 units amounting to Rs 1618.5 crores. Oberoi Realty held on to the second spot in terms of total sale value registering Rs 668 crores while Runwal Group moved up to the second spot in number of units sold with 474 transactions.

MMR Top Developer - (Q4' 2023) - Primary

 

Developer Name

Total Sale Value in Cr.

No. of Transactions

1

Lodha (Macrotech)

1618.5

1165

2

Oberoi Realty

668.0

119

3

Hiranandani Group

660.6

261

4

Kalpataru

509.6

258

5

Raymond

497.2

273

6

L&T Realty

459.2

249

7

Runwal Group

453.8

474

8

Godrej Properties

432.7

282

9

K Raheja Realty

401.4

59

10

Dosti Group

344.8

413

Data Source: IGR Maharashtra, squareyards.com

Hiranandani Group climbed to the third spot in total sale value clocking Rs 660.6 crores, while Dosti Group claimed the third spot in number of units sold with 413 units. Additionally, Dosti Group, Kalpataru and Raymond entered the top 10 in terms of transactions.

“MMR’s stellar performance in Q4 2023 supported by strong homeownership sentiment, homebuyer confidence, moderate home loan rates and disciplined supply, underscores the fact that the housing market is at the start of a long-term upcycle. Traditionally the festive season sparks increased activity in the housing market, resulting in a surge in property sales and the last quarter was followed this pattern. Despite rising property prices, the allure of MMR’s real estate market has continued to gain high prominence among investors. The sales momentum sets the stage for an optimistic beginning to 2024,” said Deepak Khandelwal, Principal Partner and Sales Director, Square Yards.

Hiranandani Empress Hill secured its position as the top-selling project in the Mumbai Metropolitan Region (MMR) based on sales value, having recorded property sales worth Rs 348.5 crores in the fourth quarter. In contrast, Dosti West County has dominated the transaction charts by selling 271 units during the same period.

MMR Top Projects by Sale Value (Q4, 2023)- All Sale

 

Project Name

Total Sale Value in Cr.

1

Hiranandani Empress Hill

348.5

2

Lodha The Park

292.9

3

K Raheja Modern Vivarea

252.3

4

Oberoi Enigma And Eternia

247.2

5

Lodha New Cuffe Parade

214.0

6

Raymond GS The Address

212.0

7

Oberoi Sky City

200.5

8

Wadhwa 25 South

199.0

9

Kalpataru Vivant

195.1

10

Dosti West County

179.2

Data Source: IGR Maharashtra, squareyards.com

MMR Top Projects by Transactions (Q4, 2023)- All Sale

 

Project Name

No. of Transactions

 

1

Dosti West County

271

 

2

Runwal Gardens

214

 

3

Lodha Upper Thane

177

 

4

Vihang Woods

145

 

5

Lodha Crown Dombivli

133

 

6

Suraksha Smart City

124

 

7

Lodha Amara

119

 

8

Raymond Ten X Habitat

118

 

9

Hiranandani Fortune City

111

 

10

Godrej Ascend

108

 

Data Source: IGR Maharashtra, squareyards.com

MMR’s real estate market has been on the cusp of a significant transformation propelled by a stable government, robust economic outlook, favourable government policies and the ongoing metro development of 357 km across 14 lines. Apart from this, several infrastructure projects are currently underway with most of them nearing completion in 2024. This will improve intra-city connectivity and usher real estate boom in emerging peripheral markets.

Micromarkets

Q4' 2023

Total Sale Value in Cr.

No. of Transactions

Badlapur

639.6

2578

Bhiwandi

401.1

1518

Dombivli

1107.3

2645

Kalyan

931.9

2575

Mira Bhayandar

1716.2

3127

Mumbai Central Suburbs

5548.5

4147

Mumbai Harbour

1985.0

1588

Mumbai South

5253.2

2161

Mumbai Western Suburbs

11605.8

8268

Navi Mumbai

2079.0

2765

Panvel

2489.4

5699

Thane

3973.7

4926

Vasai-Virar

1439.2

4641

Data Source: IGR Maharashtra, squareyards.com

Mumbai’s Western Suburbs became the top locality for real estate transactions in Q4 2023 with 8268 units sold. It has become the prime choice for new homebuyers and investors as the region offers a mix of affordable and luxurious properties. Places like Khar, Malad, Santacruz, Goregaon, Andheri have become promising residential hubs due to newly operational metro lines, seamless connectivity to business districts of Bandra Kurla Complex, easy accessibility and rapid growth in social infrastructure.

Additionally, Mumbai's outskirts, including Panvel, Vasai-Virar, Thane, and Mira Bhayandar, are emerging as attractive investment options for middle-class homebuyers, witnessing a significant uptick in transactions. Panvel, with 5699 transactions, appeals to investors for its proximity to Mumbai, thriving business centers, and strong social infrastructure. Thane recorded 4926 transactions, while Vasai-Virar saw 4641 units sold, driven by lower property prices and increased affordability compared to nearby areas.

Given the high yields in the MMR region, top developers in the area are diligently addressing market needs, focusing on factors such as affordability, amenities, and space requirements. A comprehensive approach to area development, coupled with ongoing infrastructure improvements, is poised to contribute positively to this prestigious real estate market in 2024.

About Square Yards

Square Yards is India's largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.

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