Construction Industry News
The Mumbai Metropolitan Region (MMR) is strengthening its position as India's leading residential market, showing strong growth at the start of the new financial year. The first quarter of 2024 saw a notable upward trend, indicating continued MMR dominance. A trove of data compiled by Square Yards Data Intelligence indicates that MMR recorded a staggering 60,719 transactions, totaling Rs 54,239 crore.
In the first quarter, Lodha Group (Macrotech Developers) maintained its prominent position as the top-performing company. In terms of volume and units sold on the back of high demand, with 1,881 units worth Rs 2,318 crore. Oberoi Realty remained at the second position in terms of total sales value at Rs 1,717 crore, while Runwal Group maintained the second position in number of units sold with 679 deals.
“The beginning of the first quarter of 2024 has determined that Mumbai Metropolitan Region (MMR) is currently a buyer's market and it is the rising appetite for home purchases, coupled with abundant supply and diverse options ranging from affordable to luxury homes, that are driving investment intentions,” said Ganesh Devadeja, Senior Vice President and CEO For sales at Square Yards: “The planned infrastructure development, especially the upcoming metro lines that will improve connectivity to major hubs, highlights new micro markets for investment opportunities.”
Dosti’s Greater Thane project bagged first place as the project Top seller in Mumbai Metropolitan Region (MMR) based on sale transactions, followed by Runwal Gardens and Dosti West district.
In the first quarter of 2024, Thane West has emerged as the leading area for real estate transactions with an impressive number of Over 5000 units sold. This area has emerged as a prime choice for new home buyers and investors due to its wide range of properties, from affordable to luxury properties. Improved infrastructure and transport facilities have made commuting easier, contributing to Thane's overall attractiveness. Furthermore, the rapid development of social infrastructure, including schools, hospitals, shopping malls and leisure facilities, has increased the attractiveness of these areas, making them an attractive option for residents and investors seeking convenience, connectivity and modern amenities.
When analyzing budget and demand by region from January to March 2024, properties priced below 50k accounted for the majority of transactions at 51%. Properties priced between Rs 50,000 and Rs 1 crore accounted for 24% of the transactions. In terms of size, properties range from 0 to 500 square feet. It was the most in demand, accounting for 56% of transactions.
Given the high yields in the MMR region, the region's leading developers are diligently addressing the market's needs, focusing on factors such as affordability, amenities, services and space requirements. The comprehensive approach to developing the area, coupled with ongoing infrastructure improvements, is set to contribute positively to this prestigious real estate market in 2024.
