• Source:JND
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Mumbai News: The Mumbai Metropolitan Region (MMR) witnessed a rise in the average registered home sales value during the second quarter of 2024, despite a decline in the total number of registered transactions. According to the proptech firm Square Yards, the average value reached a record-high of Rs 94 lakh, reflecting a 10 per cent year-on-year growth.

The Business Standard report quoted Indrajit Sidhanta, the Principal Partner and Head of Business Development at Square Yards, attributing this rise to a growing interest in premium properties from Grade A developers, not only in Mumbai but also in the peripheral areas. "This reflects the confidence of buyers and investors in the region's robust residential real estate sector," Sidhanta noted.

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While the total number of registered transactions fell by 15 per cent on a year-on-year basis, the registered sales value stood at Rs 46,833 crore, a 6 per cent decline. Sidhanta expects an upswing in the coming months as developers position themselves strategically in key areas for the festive season.

Delving into the micro-market performance, the peripheral suburbs, led by Kalyan-Dombivli, Bhiwandi, Badlapur-Ambernath and Ulhasnagar, accounted for the highest share of registered transactions at 21 per cent. The Western suburbs, on the other hand, dominated the registered sales value with a 31 per cent share, with Thane West emerging as the top locality, recording Rs 3,853 crore in sales.

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The Southern micro-market witnessed the highest average registered sales value at Rs 3.65 crore, a 31 per cent annual increase. Navi Mumbai also saw noteworthy growth, with a 19 per cent increase in average registered sales value to Rs 60 lakh.