In the bustling Mumbai Metropolitan Region (MMR), the real estate market has always been an anchor for housing growth.
But, the recent quarter has seen a noticeable pause. Despite MMR's dominant 32 per cent market share among India's top seven cities, new housing projects took a downturn in Q3 2024.
The most important of this comes is: Is this a temporary dip, or a sign of change in Mumbai’s ever-busy property scene?
New Homes in MMR See a Drop
According to a report by the Economic Times, MMR’s new housing launches fell by 18 per cent year-on-year, which brings to the quarterly total to 29,600 units, that is a steep 33 per cent decline compared to the previous quarter.
Mumbai’s realty boom | Representative Image
Furthermore, as per the report, it is also worth interesting to note that, within MMR, Mumbai remains the main hub, with 74 per cent of new launches occurring in the city itself. Navi Mumbai and Thane contributed smaller portions, at 14 per cent and 12 per cent respectively.
It was the Peripheral Central Suburbs in Mumbai that took the lead, with 38 per cent of new launches, while the Peripheral Western Suburbs closely followed with 27 per cent, added the report.
The Sales Story: Buyers Aren’t Slowing Down
While new projects may have declined, housing sales in MMR tell a different tale. According to Economic Times, MMR absorbed nearly 36,200 units in Q3 2024, marking of a 34 per cent of the total sales volume across the country.
Representational image | File Picture
Affordable and mid-range housing continue to lead, with developers focusing on budget-friendly homes for working families and young professionals. These two segments alone made up 58 per cent of all new launches, added the report.
In Q3 2024, Mumbai accounted for 69 per cent of MMR’s sales. Areas like Navi Mumbai and Thane showed stable trends as well, as per the Economic Times report.
As of all this, the question comes is: will the new housing market in Mumbai pick up pace, or is this slowdown here to stay? For many in MMR, the answer could depend on shifts in interest rates, economic conditions, and perhaps a continued focus on affordability in new projects.
