Looking To Buy A House In Mumbai? Know How Much It Costs To Own A Home In India's Financial Capital
In Q2 2024, Mumbai Metropolitan Regions's average home sales value hit a record Rs 94 lakh, a 10 per cent year-on-year rise, despite a 15 per cent drop in registered transactions.Peripheral suburbs led in transactions, while western suburbs dominated sales value. Southern micro-market saw the highest average sales value ar rs 3.65 crore.
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 teh total numer of registered transactions. According to the proptech firm Square Yards, teh 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.
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.
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.
Source: english.jagran.com
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