MMR Sees Record Surge in Average Home Sales Value in Q2 2024

The Mumbai Metropolitan Region (MMR) has witnessed an unprecedented surge in the average registered home sales value in the second quarter of 2024, according to Square Yards' latest report. The average registered home sales value reached a record-high of Rs. 94 lakh, reflecting a 10% year-over-year (YoY) growth, despite a decrease in the total number of registered transactions in the region.

In Q2 2024, 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% YoY drop in the overall registered sales value, this coincided with a steeper 15% decline in the total number of registered transactions. This trend, coupled with the record-high average registered sales value, suggests a growing appetite for high-valued homes.

Indrajit Sidhanta, Principal Partner & Head of Business Development at Square Yards, commented, “The recent data highlights a notable increase in average sales value despite fewer transactions, indicating a rising interest in premium properties from Grade A developers. This trend reflects the confidence of buyers and investors in the region’s robust residential real estate sector.”

Sidhanta also noted, "Historically, the June quarter tends to be slower, but we anticipate an upswing as developers strategically position themselves in key localities across Mumbai MMR. They are gearing up with a strong pipeline of projects to capitalize on the upbeat homebuyer sentiment during the upcoming festive season."