Mumbai: Apartment sales declined marginally in Greater Mumbai (3%) and Thane (6%) in 2024 compared to last year, but Navi Mumbai recorded a healthy growth of 23%. Of the total 1,55,335 units sold in the entire Mumbai Metropolitan Region (MMR) in 2024, Greater Mumbai (BMC area) registered housing sales of 1,07,530 units, comprising over 69% share in the entire region, according to Anarock Property Consultants.
However, sales declined in Mumbai compared to last year when 1,10,450 flats were sold. Neighbouring Thane witnessed yearly reduction of 6% in 2024 – from 19,240 units in 2023 to 18,165 units in 2024. But Navi Mumbai saw a yearly rise in housing sales from 24,180 units in 2023 to 29,640 units in 2024.
Anarock report said of the total 1,34,500 new units launched in entire MMR in 2024, Mumbai witnessed new supply of 97,260 units comprising 72% share, followed by Navi Mumbai, which saw launch of 22,040 new units (16% share) while Thane saw 15,200 units (11% share) launched during the year.
“On a y-o-y basis, new supply in main Mumbai was reduced by 14%. It was 1,13,590 units in 2023. Navi Mumbai saw its new supply reduce by 23% on a yearly basis — from 28,510 units in 2023 to 22,040 units in 2024,” it said.
Thane saw its new supply decrease by 3% on a y-o-y basis. It was 15,600 units in 2023 and now stands at 15,200 units in 2024. By 2024-end, MMR had an unsold stock of nearly 1,80,965 units. “Of this, Mumbai comprised a whopping 75% share with about 1,36,500 unsold units. On yearly basis, the city was able to shed its unsold stock by 7%. It was 1,46,770 units by 2023-end,” said the report. Navi Mumbai’s unsold inventory is at 24,040 units as of 2024-end. Inventory declined by 24% y-o-y from 31,640 units in 2024-end.
Meanwhile, Anarock said strong homebuyer demand and hardening property prices coupled with the general and state elections dented India’s residential growth momentum in 2024. Its data indicates that housing sales in the top seven cities witnessed a marginal 4% decline in 2024 — approx. 4,59,650 units — against 4,76,530 units in 2023.
“However, overall sales value of housing units saw a 16% yearly jump — from Rs 4.88 lakh crore in 2023 to about Rs 5.68 lakh crore in 2024. MMR witnessed the highest sales of approx. 1,55,335 units in 2024, registering a 1% yearly rise. Pune followed with approx. 81,090 units sold.