Panvel, Thane Drive MMR’s Housing Prices Up 4% YoY In Q3 2024
The Mumbai Metropolitan Region (MMR) continues to dominate India’s residential real estate market, registering a four per cent year-on-year (YoY) increase in housing prices in Q3 2024, according to the Credai-Colliers-Liases Foras Housing Price Tracker Report. Panvel led the growth in MMR with a 12 per cent YoY surge, followed by Thane and Mumbai City at 11 per cent each.
Infrastructure Projects Boost Housing Demand :
Key infrastructure developments, including the operational Phase 1 of Metro Line 3 and the anticipated Phase 2 of the Coastal Road Project, are anticipated to elevate housing prices, particularly in the Western suburbs. Projects such as the Mumbai Trans-Harbour Link (MTHL) and Navi Mumbai International Airport are driving connectivity and development in emerging markets like Panvel, Uran, and Kharghar, leading to a significant rise in land prices.
Demand for Larger Homes Fuels Growth :
The demand for two and three BHK units has led to a three to four per cent YoY price increase in these segments, reflecting evolving post-pandemic buyer preferences for spacious homes. Boman Irani, president of CREDAI, stated, “The rising prices indicate strong homebuyer sentiment and aspirations for premium housing.”
Challenges Persist with Unsold Inventory :
Despite robust demand, 27 per cent of MMR’s unsold inventory remains concentrated in the central extended suburbs, with 48 per cent of these units in the affordable segment. Across India’s top eight real estate markets, MMR accounts for 40 per cent of the unsold inventory, a significant share of the 10 lakh units recorded by September 2024.
India’s Real Estate Market Outlook :
Nationally, housing prices rose 11 per cent YoY, reaching an average of Rs 11,000 per square foot. Delhi-NCR led with a 32 per cent YoY increase, followed by Bengaluru at 24 per cent. As 2024 concludes, experts foresee a strong close, supported by steady demand, infrastructure expansion, and buyer-friendly developer incentives.
Investment Opportunities in Emerging Markets :
Colliers India highlighted Khopoli and similar micro-markets as lucrative opportunities for investors, driven by infrastructure advancements and appreciating land values. With promising growth and rising urban migration, the MMR market remains central to India’s residential real estate market.
Source: timesproperty.com
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