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Lodha Group dominates Mumbai MMR’s residential market, leading in registered sales value while securing the second position in transaction volume. Conceptual Advisory Services tops in residential transaction volume, followed by Dosti Group and Godrej Properties. While, Godrej Properties and Oberoi Realty stand out among the top 10 developers with the highest registered home sales value after Lodha Group.
Mumbai, Maharashtra, March 13, 2025 – The Mumbai Metropolitan Region (MMR) residential market including apartments, plots, and villas recorded a total of 68,082 registered units in the December quarter of 2024, marking a 5% increase from the previous quarter, according to Inspector General of Registration (IGR) data review by Square Yards.
The total registered home sales value for the quarter stood at Rs. 68,025 crore, reflecting an 11% rise compared to the September 2024 quarter. The increase in transaction volume and value has pushed the average registered sales value per unit to Rs. 1 crore, up by 7% from Rs. 94 lakh in the previous quarter.
| Mumbai MMR Residential Real Estate Summary – Q4 2024 (October-December) | |||
| Oct-Dec 2024 | July-Sept 2024 | Q-o-Q | |
| Registered Residential Transactions (No. of units) | 68,082 | 65,126 | 5% |
| Registered Sales Value (GTV) (Rs. crore) | 68,025 | 61,012 | 11% |
| Average Registered Sales Value (Rs. crore) | 1.00 | 0.94 | 7% |
Includes both primary and secondary residential registered transactions.
Source: IGR, SquareYards.com
Ganesh Devadiga, Sales Director, Square Yards said, “The Mumbai MMR residential market has maintained strong momentum, with both transaction volumes and gross sales value continuing to rise. While peripheral markets account for the bulk of residential transactions, western and southern suburbs drive gross sales value. Redevelopment in central and southern Mumbai is reshaping the market, creating new opportunities for both homebuyers and developers. At the same time, infrastructure upgrades in peripheral locations will enhance connectivity, making these areas increasingly attractive for end-users. Overall, we anticipate residential demand fundamentals to remain strong in Mumbai and its metropolitan region, supported by economic expansion and urban infrastructure growth.”
Market Leaders and Key Projects
Conceptual Advisory Services led the market with 973 registered residential transactions, driven largely by its flagship project, Suraksha Smart City in Vasai East. Lodha Group followed with 852 transactions, with Lodha Crown in Thane West being a standout performer. Dosti Group ranked third with 589 transactions, bolstered by its Dosti West County, also located in Thane West.
When it comes to registered home sales value, Lodha Group topped the list with Rs. 1,787 crore, thanks to the strong performance of Lodha Bellevue in Mahalaxmi. Godrej Properties secured the second position with Rs. 1,460 crore, largely attributed to Godrej Reserve in Kandivli. Oberoi Realty ranked third with Rs. 1,340 crore, supported by Oberoi Three Sixty West in Worli. Notably, several celebrities such as Shahid Kapoor and Abhishek Bachchan, along with industrialists and entrepreneurs, own apartments in this project, according to Square Yards’ review of IGR property registration documents.
| Top Developers by Registered Home Sales Value
Mumbai MMR October-December 2024 |
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| Rank | Developers | Registered Home Sales Value (Rs. crore) | Top Projects by Registered Home Sales Value |
| 1 | Lodha Group | 1,787 | Lodha The Park, Lodha Mahalaxmi Bellevue |
| 2 | Godrej Properties | 1,460 | Godrej Reserve Kandivali, Godrej Nuture |
| 3 | Oberoi Realty | 1,340 | Oberoi Three Sixty West |
| 4 | L&T Realty | 1,188 | LnT Elixir Reserve |
| 5 | Rustomjee Builders | 888 | Rustomjee Crown |
| 6 | Hiranandani Group | 829 | Hiranandani Westgate |
| 7 | Piramal Realty | 821 | Piramal Mahalaxmi |
| 8 | Runwal Group | 619 | Runwal Gardens |
| 9 | Kalpataru Ventures | 497 | Kalparatu Azuro |
| 10 | Birla Estates | 485 | Birla Niyaara |
*Includes primary residential registered transactions only.
Source: IGR, SquareYards.com
| Top Developers by No. of Registered Residential Transactions
Mumbai MMR October-December 2024 |
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| Rank | Developers | Registered Residential Transactions (No. of units) | Top Projects by No. of Registered Residential Transactions |
| 1 | Conceptual Advisory Services | 973 | Conceptual Suraksha Smart City Phase I |
| 2 | Lodha Group | 852 | Lodha Crown Kolshet, Lodha Upper Thane |
| 3 | Dosti Group | 589 | Dosti Greater Thane, Dosti West County |
| 4 | Godrej Properties | 583 | Godrej Reserve Kandivali |
| 5 | Runwal Group | 547 | Runwal Gardens |
| 6 | JP Infra | 485 | JP Codename StarLife |
| 7 | Hiranandani Group | 379 | Hiranandani Westgate |
| 8 | L&T Realty | 339 | LnT Elixir Reserve |
| 9 | Piramal Realty | 257 | Piramal Revanta |
| 10 | Rustomjee Builders | 191 | Rustomjee Crown |
*Includes primary residential registered transactions only
Source: IGR, SquareYards.com
Area-wise and Budget-wise Trends
With property prices rising and registered residential transaction values crossing the Rs. 1 crore mark in several micromarkets, compact homes continue to dominate demand as smaller unit sizes help keep property values within reach for end users. Of the total registered transactions, 54% were for apartments smaller than 500 sq. ft. Homes in the 500–1,000 sq. ft. category accounted for 38% of transactions, while properties above 1,000 sq. ft. comprised 8% of the total registered residential transactions in October-December 2024 period.
In terms of ticket size, properties priced below Rs. 50 lakh accounted for 50% of total transactions, while those in the Rs. 50 lakh–1 crore range made up 24%, with maximum transactions in this price bracket concentrated in peripheral markets. Properties priced above Rs. 1 crore represented 26% of transactions, with the highest concentration observed in Thane, and central, western, and southern Mumbai.
| Mumbai MMR – Area-wise Residential Transactions
Oct-Dec 2024 vs Oct-Dec 2023 |
Mumbai MMR – Budget-wise Residential Transactions
Oct-Dec 2024 vs Oct-Dec 2023 |
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| Area (in sq. ft.) | Oct-Dec 2024 | Budget | Oct-Dec 2024 | |
| Below 500 sq. ft. | 54% | Below INR 50 lakh | 50% | |
| 500–1000 sq. ft. | 38% | INR 50 lakh–1 crore | 24% | |
| 1000–1500 sq. ft. | 5% | INR 1–2 crore | 16% | |
| 1500–3000 sq. Ft. | 2% | INR 2–3 crore | 5% | |
| Above 3000 sq. ft. | 1% | Above INR 3 crore | 5% | |
* Includes both primary and secondary residential registered transactions.
Source: IGR, SquareYards.com
Micro Market Performance
In terms of registered transactions, Kalyan-Dombivli and localities beyond accounted for the highest share at 20% of the total 68,082 transactions in October-December 2024. Following closely were the western suburbs and Navi Mumbai, each holding an 18% share. For total home sales value, Mumbai’s western and southern suburbs dominated with a combined 50% share, despite contributing only 24% to the total number of transactions.
Mumbai’s southern suburbs continue to command the highest average home sales value at Rs. 3.65 crore. In contrast, Kalyan-Dombivli and the outer suburbs recorded the lowest average value at Rs. 34 lakh, with areas beyond Kalyan offering relatively affordable options and strong railway connectivity to Mumbai’s commercial hubs.
| Mumbai MMR Micromarket Summary – October-December 2024 | |||
| Micromarket | Registered Residential Transactions
(No. of units) |
Registered Home Sales Value
(Rs. crore) |
Average Registered Home Sales Value (Rs. crore) |
| Overall Mumbai MMR | 68,082 | 68,025 | 1.00 |
| Kalyan-Dombivli & Beyond | 13,500 | 4,537 | 0.34 |
| Mumbai Western Suburbs | 12,435 | 20,088 | 1.62 |
| Navi Mumbai | 12,160 | 7,466 | 0.61 |
| Mira Road & Beyond | 11,303 | 4,629 | 0.41 |
| Thane | 6,868 | 5,989 | 0.87 |
| Mumbai Central Suburbs | 6,136 | 8,681 | 1.41 |
| Mumbai South | 3,661 | 13,364 | 3.65 |
| Mumbai Harbour | 2,019 | 3,271 | 1.62 |
Includes both primary and secondary residential registered transactions.
Source: IGR, SquareYards.com
In terms of localities, Thane West continues to lead with highest home sales value of Rs. 5,348 crore across 5,291 registered residential transactions. Dombivli East and Mira Road East followed with 3,006 and 2,962 transactions respectively. In case of total home sales value, Worli and Lower Parel followed Thane West with transactions worth Rs. 2,884 crore and Rs. 2,054 crore registered in October-December 2024, respectively.
The outlook for Mumbai MMR’s residential real estate market remains promising, underpinned by infrastructure development and sustained commercial activity driving influx of working professionals to the region. Projects such as the Navi Mumbai Airport, ongoing metro expansion, and the proposed cable car project aim to enhance connectivity and accessibility across the region. Additionally, MMRDA’s USD 40 billion MoUs focused on urban transport and regional development are set to bolster infrastructure, making suburban areas more accessible from commercial hubs. These infrastructure upgrades, coupled with sustained developer interest in both core and peripheral markets catering to diverse consumers, will continue to drive MMR’s residential activity in the coming quarters.
