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HomeTrendingMMR clocks residential sales of Rs. 39,170 Crores in Oct-Dec Quarter

MMR clocks residential sales of Rs. 39,170 Crores in Oct-Dec Quarter

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.

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 NameTotal Sale Value in Cr.No. of Transactions
1Lodha (Macrotech)1618.51165
2Oberoi Realty668.0119
3Hiranandani Group660.6261
4Kalpataru509.6258
5Raymond497.2273
6L&T Realty459.2249
7Runwal Group453.8474
8Godrej Properties432.7282
9K Raheja Realty401.459
10Dosti Group344.8413

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 NameTotal Sale Value in Cr.
1Hiranandani Empress Hill348.5
2Lodha The Park292.9
3K Raheja Modern Vivarea252.3
4Oberoi Enigma And Eternia247.2
5Lodha New Cuffe Parade214.0
6Raymond GS The Address212.0
7Oberoi Sky City200.5
8Wadhwa 25 South199.0
9Kalpataru Vivant195.1
10Dosti West County179.2

Data Source: IGR Maharashtra, squareyards.com

MMR Top Projects by Transactions (Q4, 2023)- All Sale
 Project NameNo. of Transactions 
1Dosti West County271 
2Runwal Gardens 214 
3Lodha Upper Thane177 
4Vihang Woods145 
5Lodha Crown Dombivli133 
6Suraksha Smart City124 
7Lodha Amara119 
8Raymond Ten X Habitat118 
9Hiranandani Fortune City111 
10Godrej Ascend108 

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.

MicromarketsQ4′ 2023
Total Sale Value in Cr.No. of Transactions
Badlapur639.62578
Bhiwandi401.11518
Dombivli1107.32645
Kalyan931.92575
Mira Bhayandar1716.23127
Mumbai Central Suburbs5548.54147
Mumbai Harbour1985.01588
Mumbai South5253.22161
Mumbai Western Suburbs11605.88268
Navi Mumbai2079.02765
Panvel2489.45699
Thane3973.74926
Vasai-Virar1439.24641

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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