MMR Residential Market Sees 5% Growth in Q4 2024, Sales Value Rises 11%

The Mumbai Metropolitan Region (MMR) residential market, covering apartments, plots, and villas, recorded 68,082 registered units in the December quarter of 2024, a 5% increase over the previous quarter, as per data reviewed by Square Yards from the Inspector General of Registration (IGR).
Total registered home sales value reached ₹68,025 crore during the quarter, marking an 11% rise compared to Q3 2024. The average registered sales value per unit also climbed 7% to ₹1 crore from ₹94 lakh in the previous quarter, reflecting strong demand and rising property prices.
Ganesh Devadiga, Sales Director, Square Yards said, "The Mumbai MMR 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. 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.”