FY24 MMR housing analysis report
jointly released by CREDAI-MCHI and CRE Matrix
Mumbai, July 1, 2024 –
CREDAI-MCHI, the apex body of the real estate industry in the Mumbai
Metropolitan Region (MMR), in partnership with CRE Matrix, proudly announces
the release of the much-anticipated MMR Housing Report for FY 2024. This
detailed report provides critical insights into the Mumbai Metropolitan Region
(MMR) real estate market, showcasing significant trends and developments that
are shaping the housing landscape.
The MMR Housing Report 2024
reveals notable trends in sales, inventory, and property values across various
regions within MMR. According to the report, the overall housing sales in MMR
have increased by 5% in FY 2024 compared to FY 2023, reflecting the region's
robust demand for residential properties despite a challenging economic
environment. This growth is particularly significant given the backdrop of a
22% decline in new housing launches, indicating a strong absorption rate of
available inventory.
Key findings from the report
highlight a substantial 41% surge in sales in South Mumbai, driven by the
redevelopment of old buildings into high-end luxury projects. Navi Mumbai
follows with a 22% increase in sales, bolstered by improved connectivity and
infrastructure developments such as the Atal Setu and Navi Mumbai Airport.
Despite these positive trends, the report notes a 63% rise in unsold inventory
in Navi Mumbai, primarily due to the high volume of recent launches.
The report also documents a
steady rise in the average value of housing units across MMR. There was a
notable 4% increase in FY 2024 compared to the previous fiscal year. Specific
regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar
experienced a 7-12% appreciation in apartment values, with the Rest of Palghar
region seeing an impressive 25% increase.
Domnic Romell, President of
CREDAI-MCHI, expressed his gratitude for the collaborative effort with CRE
Matrix, stating, ""We are thrilled to present the MMR Housing Report
2023, in partnership with CRE-Matrix. This collaborative effort has empowered
us to deliver a comprehensive analysis of the Mumbai Metropolitan Region's real
estate landscape. The report unveils critical insights into market dynamics,
including a 9% rise in unsold inventories and a notable 4% increase in property
prices during Q2 CY'23. These findings underscore our commitment to providing
stakeholders with accurate, actionable data, and fostering informed
decision-making in this dynamic market. We extend our gratitude to our partners
and stakeholders for their ongoing support as we continue to shape the future
of MMR real estate."
Abhishek Kiran Gupta, CEO and
Co-Founder of CRE Matrix, shared his enthusiasm for the ongoing collaboration,
noting, " Despite a slight decline in growth rates of housing sales as expected,
MMR still scaled new peaks in housing demand in FY’24. The Demand to Supply
ratio in MMR has never been this high. Despite a 22% decline in launches, we
saw a 5% growth in sales. Demand across macro-markets which contribute the most
– Eastern Suburbs, Western Suburbs, Thane City - remained strong. Navi
Mumbai story is unfolding now with the Atal Setu effect kicking in - launches,
demand and pricing – all going upwards in the region, and we expect this to
continue in the near future. All Eyes on Aqua - With the Aqua line of Metro
launching this year, we expect more hectic activity in regions benefitting from
this development. "
The report underscores the
dynamic nature of the MMR real estate market, with significant variations in
performance across different regions. For instance, while Central Mumbai
recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5%
increase in unsold units compared to FY 2023, indicating a balanced demand and
supply scenario.
All values are for FY’24 as
compared to FY’23 unless mentioned otherwise. Green and red values denote
highest and lowest values in that particular column respectively.
|
Areas |
Sales (%) |
New housing launches (%) |
Unsold inventories (%) |
Apartment Values (%) |
|
MMR |
+5 |
-22 |
+5 |
4 |
|
South Mumbai |
+41 |
-50 |
+2 |
-13 |
|
Central Mumbai |
-17 |
-67 |
-12 |
-7 |
|
Central Suburbs |
+16 |
-22 |
-2 |
0 |
|
Eastern Suburbs |
+9 |
-30 |
-5 |
0 |
|
Western Suburbs |
+13 |
-35 |
+2 |
+3 |
|
Thane City |
+9 |
-38 |
-2 |
+11 |
|
Navi Mumbai |
+22 |
+54 |
+63 |
+10 |
|
Mira Bhayandar |
+15 |
-22 |
0 |
+10 |
|
KDMC & Others |
-5 |
-11 |
+9 |
+5 |
|
Badlapur-Ambernath |
+6 |
-32 |
+7 |
0 |
|
Bhiwandi |
+17 |
-45 |
+3 |
+19 |
|
Greater Thane |
+18 |
-10 |
+5 |
0 |
|
Vasai-Virar |
-6 |
-9 |
+12 |
+12 (FY’21) |
|
Rest of Palghar |
0 |
+50 |
+8 |
+19 (FY’21) |
|
Panvel |
-6 |
-16 |
+9 |
+10 |
|
Rest of Raigad |
+24 |
+17 |
+10 |
+25 |
ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body
comprising members from the Real Estate Industry in the Mumbai Metropolitan
Region (MMR). With an impressive membership of over 1800+ leading developers in
MMR, CREDAI-MCHI has extended its reach throughout the region, establishing
units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad,
Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and
most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only
Government-recognized body for private sector developers in MMR, CREDAI-MCHI is
dedicated to promoting the industry’s organization and progress.
As a part of CREDAI National,
an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as
a preferred platform for regional discussions on housing and habitat by
establishing close and strong ties with the government. It is committed to breaking
barriers to create a strong, organized, and progressive real estate sector in
the MMR.The vision of CREDAI-MCHI is to empower the Real Estate fraternity of
the Mumbai Metropolitan Region as it preserves, protects, and advances the
right to housing for all. To continue being a trusted ally, guiding their
members, supporting the Government on policy advocacy, and assisting those they
serve through the ever-evolving real estate fraternity.
Website: https://mchi.net/