Property sales slides in MMR

Property sales in Mumbai's MMR fell 6% YoY and 13% QoQ in Q3 2024, despite rising prices and optimism for the festive season driving potential recovery.

MUMBAI: Despite the real estate players continuing to paint a rosy picture of the industry, property sale has slowed down in the Mumbai Metropolitan Region (MMR), during July-September quarter. Year-on-year (YoY), a 6% decline was recorded and 18% fall in project launches. In terms of sales valuation, the National Capital Region (NCR) has surpassed the MMR market.

Property sales slides in MMR

Property consultant Anarock’s latest compilation of data shows sales of 36,200 units, a decline of 13% Quarter-over-Quarter (QoQ) and 6% YoY during July-September. Although the data reflects the industry’s struggle in sustaining growth, Anarock’s same report states a “steady sales” and “slight moderation”.

“Housing sales in Mumbai, Navi Mumbai and Thane remain steady QoQ and MMR continued to be a key driver of pan India’s housing sales...While this represents a 13% QoQ decline, it signifies a 6% YoY decrease, indicating a slight moderation in sales momentum,” the report mentioned.

In Q3 2024, the region witnessed the launch of approximately 29,600 new residential units, marking an 18% YoY decline and a 33% decrease compared to the previous quarter.

Even as the sales and project launches take a hit, the property prices continue to rise. About 23% increase in value of units sold has been recorded across all the metro cities in July-September 2024 as compared to the same period last year showed proptech platform CRE Matrix’s data.

With the festive season underway, the developers are optimistic for a rebound in sales. “Infrastructure growth has unlocked new potential in the western suburbs, making them highly attractive for buyers seeking both connectivity and lifestyle. We expect this festive season to drive robust home-buying activity in these areas,” said Rohan Khatau, director of CCI Projects.

“Festivals have always been a driving force in Mumbai’s real estate market. The auspicious nature of this season inspires families to make significant investments, particularly in home ownership,” added Govind Krishnan Muthukumar, managing director & co-founder of Tridhaatu Realty.