Mumbai witnesses significant growth in property registrations, indicating robust market activity and strong demand for housing. Analysis reveals trends in buyer demographics and property preferences.
Record Property Registrations in April 2024
In April 2024, Mumbai observed a notable surge in property registrations, reaching over 11,500 units, marking the second-highest volume in over a decade. This surge also resulted in the highest April stamp duty collection during the same period, contributing over Rs 1,043 crore to the state exchequer.
Growing Confidence in Mumbai’s Real Estate Market
The Mumbai real estate market continues to demonstrate resilience and growth, with a 9% increase in property registrations compared to the previous year. Homebuyers’ unwavering confidence in the city’s property sector has led to consistent registrations exceeding 10,000 units for the fourth consecutive month. Notably, residential units constitute 80% of the registered properties, indicating strong demand for housing.
Buoyant Market Conditions Drive Revenue Growth
Shishir Baijal, Chairman & Managing Director of Knight Frank India, attributes the buoyant market conditions to robust economic growth and stable interest rates. This positive momentum has significantly boosted the state treasury, marking its highest-ever revenue collection for April.
Shift in Property Preferences
Analysis reveals a shift in property preferences, with apartments measuring up to 500 sq. ft. comprising 45% of all registrations in April 2024. Central and western suburbs emerge as preferred locations, constituting over 73% of the total properties registered. These areas offer modern amenities and excellent connectivity, attracting a majority of homebuyers.
Demographic Insights
Millennials, aged 28-43, represent the largest share of property buyers in April 2024, followed closely by individuals from Generation X, aged 44-59. Additionally, there is notable participation from Gen Z, below 28 years, and individuals aged 60 to 78, reflecting a diverse buyer demographic.
Stimulating Economic Growth Through Real Estate
The surge in property registrations underscores Mumbai’s position as a key player in India’s economic landscape. As the city continues to attract investments and foster a conducive business environment, the real estate sector plays a pivotal role in driving economic growth and job creation.
The surge in property registrations reflects Mumbai’s vibrant real estate market, signaling economic growth and opportunities for homebuyers.
Now You Can Follow Our Channel On WhatsApp!