FY24 MMR Housing Analysis Report Released Jointly 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 association with CRE Matrix, proudly announces the release of the much-awaited MMR Housing Report for the year Fiscal 2024. This detailed report provides critical insights into the Mumbai Metropolitan Region (MMR) real estate market, showcasing important trends and developments that are shaping the real estate landscape.
The 2024 MMR Housing Report reveals notable trends in property sales, inventory and values across multiple regions within MMR. According to the report, overall housing sales in MMR increased by 5% in FY2024 compared to FY2023, reflecting the region's strong demand for residential properties despite a challenging economic environment. This growth is particularly significant in the context of a 22% decline in new home launches, indicating a strong absorption rate of available inventory. Key findings of the report highlight a substantial 41% increase in sales in the South Mumbai, driven by redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, driven by better connectivity and infrastructure developments such as Atal Setu and Navi Mumbai Airport. Despite these positive trends, the report notes a 63% increase in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.
The report also documents a steady increase in the average value of housing units across the RMM. There was a notable 4% increase in fiscal year 2024 compared to the previous fiscal year. Specific regions like Bhiwandi, Thane City, Navi Mumbai and Mira-Bhayandar saw a 7-12% appreciation in apartment values, and the rest of Palghar region saw an impressive 25% increase.
Domnic Romell, President of CREDAI-MCHI, expressed his gratitude for the collaborative effort with CRE Matrix and stated: "We are delighted to present the MMR Housing Report 2023, in partnership with CRE-Matrix. This collaborative effort has allowed us to offer a comprehensive analysis of the real estate landscape of the Mumbai Metropolitan Region The report reveals critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% rise in property prices during the year. Q2 FY23 These findings underscore our commitment to providing stakeholders with accurate, actionable data and encouraging informed decision-making in this dynamic market. We extend our gratitude to our partners and stakeholders for their continued support as we continue. shaping the future of MMR real estate.” Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix, shared his excitement over the ongoing collaboration and noted, “Despite a slight decline in sales growth rates of housing as expected, MMR still hit new peaks in housing demand in FY24. The demand-supply ratio in MMR has never been higher. Despite a 22% decline in launches, we saw 5% growth in sales. Demand remained in the major contributing macro markets (Eastern Suburbs, Western Suburbs and Thane City). Navi Mumbai's strong story is unfolding now with the Atal Setu effect underway - launches, demand and prices all increasing in the region - and we expect this to continue in the near future. All eyes are on Aqua, with the Aqua line. With the launch of the Metro this year, we expect busier activity in the regions benefiting from this development.”
The report highlights the dynamic nature of the MMR real estate market, with significant variations in performance between different regions. For example, while central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY2023, indicating a balanced supply and demand scenario.
All values are for FY24 versus FY23 unless otherwise noted. The green and red values indicate the highest and lowest values in that particular column, respectively. Areas
Sales (%)
New home launches (%)Unsold inventories (%)
Apartment values (%)
MMR+5
-22
+54
South Mumbai
+41-50
+2
-13Central Mumbai
-17
-67-12
-7
Central suburbs+16
-22
-twenty
Eastern Suburbs
+9-30
-5
0Western Suburbs
+13
-35+2
+3
thane city+9
-38
-2+11
New Bombay
+22+54
+63
+10Mira Bhayandar
+15
-220
+10
KDMC et al-5
-eleven
+9+5
Badlapur-Ambernath
+6-32
+7
0Bhiwandi
+17
-45+3
+19
Greater Thane+18
-10
+50
Vasai-Virar
-6-9
+12
+12 (FY21)Rest of Palghar
0
+50+8
+19 (FY21)
Panvel-6
-sixteen
+9+10
Rest of Raigad
+24+17
+10
+25ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body comprising members of the real estate industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800 leading MMR developers, CREDAI-MCHI has extended its reach across the region, setting up units in various places like Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad and more 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 organization and progress of the industry.
As part of CREDAI National, an apex body of 13,000 developers across the country, CREDAI-MCHI has become a preferred platform for regional debates on housing and habitat by establishing close and strong ties with the government. He is committed to breaking barriers to create a strong, organized and progressive real estate sector in MMR. The vision of CREDAI-MCHI is to empower the real estate fraternity of the Mumbai Metropolitan Region while preserving, protecting and promoting the right. to housing for all. Continue to be a trusted ally, guiding its members, supporting the Government in promoting policies and assisting those they serve through the ever-evolving real estate fraternity. Website: https://mchi.net/
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
Mumbai, July 1, 2024 - CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), in association with CRE Matrix, proudly announces the release of the much-awaited MMR Housing Report for the year Fiscal 2024. This detailed report provides critical insights into the Mumbai Metropolitan Region (MMR) real estate market, showcasing important trends and developments that are shaping the real estate landscape.
The 2024 MMR Housing Report reveals notable trends in property sales, inventory and values across multiple regions within MMR. According to the report, overall housing sales in MMR increased by 5% in FY2024 compared to FY2023, reflecting the region's strong demand for residential properties despite a challenging economic environment. This growth is particularly significant in the context of a 22% decline in new home launches, indicating a strong absorption rate of available inventory. Key findings of the report highlight a substantial 41% increase in sales in the South Mumbai, driven by redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, driven by better connectivity and infrastructure developments such as Atal Setu and Navi Mumbai Airport. Despite these positive trends, the report notes a 63% increase in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.
The report also documents a steady increase in the average value of housing units across the RMM. There was a notable 4% increase in fiscal year 2024 compared to the previous fiscal year. Specific regions like Bhiwandi, Thane City, Navi Mumbai and Mira-Bhayandar saw a 7-12% appreciation in apartment values, and the rest of Palghar region saw an impressive 25% increase.
Domnic Romell, President of CREDAI-MCHI, expressed his gratitude for the collaborative effort with CRE Matrix and stated: "We are delighted to present the MMR Housing Report 2023, in partnership with CRE-Matrix. This collaborative effort has allowed us to offer a comprehensive analysis of the real estate landscape of the Mumbai Metropolitan Region The report reveals critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% rise in property prices during the year. Q2 FY23 These findings underscore our commitment to providing stakeholders with accurate, actionable data and encouraging informed decision-making in this dynamic market. We extend our gratitude to our partners and stakeholders for their continued support as we continue. shaping the future of MMR real estate.” Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix, shared his excitement over the ongoing collaboration and noted, “Despite a slight decline in sales growth rates of housing as expected, MMR still hit new peaks in housing demand in FY24. The demand-supply ratio in MMR has never been higher. Despite a 22% decline in launches, we saw 5% growth in sales. Demand remained in the major contributing macro markets (Eastern Suburbs, Western Suburbs and Thane City). Navi Mumbai's strong story is unfolding now with the Atal Setu effect underway - launches, demand and prices all increasing in the region - and we expect this to continue in the near future. All eyes are on Aqua, with the Aqua line. With the launch of the Metro this year, we expect busier activity in the regions benefiting from this development.”
The report highlights the dynamic nature of the MMR real estate market, with significant variations in performance between different regions. For example, while central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY2023, indicating a balanced supply and demand scenario.
All values are for FY24 versus FY23 unless otherwise noted. The green and red values indicate the highest and lowest values in that particular column, respectively. Areas
Sales (%)
New home launches (%)Unsold inventories (%)
Apartment values (%)
MMR+5
-22
+54
South Mumbai
+41-50
+2
-13Central Mumbai
-17
-67-12
-7
Central suburbs+16
-22
-twenty
Eastern Suburbs
+9-30
-5
0Western Suburbs
+13
-35+2
+3
thane city+9
-38
-2+11
New Bombay
+22+54
+63
+10Mira Bhayandar
+15
-220
+10
KDMC et al-5
-eleven
+9+5
Badlapur-Ambernath
+6-32
+7
0Bhiwandi
+17
-45+3
+19
Greater Thane+18
-10
+50
Vasai-Virar
-6-9
+12
+12 (FY21)Rest of Palghar
0
+50+8
+19 (FY21)
Panvel-6
-sixteen
+9+10
Rest of Raigad
+24+17
+10
+25ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body comprising members of the real estate industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800 leading MMR developers, CREDAI-MCHI has extended its reach across the region, setting up units in various places like Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad and more 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 organization and progress of the industry.
As part of CREDAI National, an apex body of 13,000 developers across the country, CREDAI-MCHI has become a preferred platform for regional debates on housing and habitat by establishing close and strong ties with the government. He is committed to breaking barriers to create a strong, organized and progressive real estate sector in MMR. The vision of CREDAI-MCHI is to empower the real estate fraternity of the Mumbai Metropolitan Region while preserving, protecting and promoting the right. to housing for all. Continue to be a trusted ally, guiding its members, supporting the Government in promoting policies and assisting those they serve through the ever-evolving real estate fraternity. Website: https://mchi.net/
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
