Mumbai's real estate sector is witnessing an impressive performance with property registrations for April 2024 expected to cross 11,500 units from 10,514 a year earlier. Notably, the current figures represent a 9% increase in registrations compared to the same period last year, reflecting a continuous positive outlook.
This robust activity is projected to contribute over INR 1,043 crore to the state exchequer, according to a report by Knight Frank India. The city's property sector, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), has consistently shown strong results, marking the fourth consecutive month where registrations have exceeded 10,000 units.
Prashant Sharma, President, NAREDCO Maharashtra said, "We are witnessing an exceptional phase in the Mumbai real estate market, as evidenced by the robust property registration figures for April 2024. This activity, contributing significantly to the state exchequer, underscores the unwavering confidence that homebuyers have in our city. The consistent achievement of surpassing 10,000 property registrations for the fourth consecutive month speaks volumes about the dynamism and resilience of Mumbai's real estate sector. It also highlights a strong and sustained demand for housing, driven by increasing income levels and a positive shift in attitudes towards homeownership. It is imperative for us to continue fostering an environment that encourages such positive trends, ensuring that Mumbai remains a preferred destination for investors and homebuyers alike."
The majority of these transactions, about 80%, have been residential properties, underscoring the sustained demand for housing in the region. This trend is a clear indicator of homebuyers' unwavering confidence in Mumbai's real estate market, which has remained attractive to potential buyers.
April 2024 has also seen Mumbai records the second-highest number of property registrations for the month in the last 12 years, alongside the highest collection of stamp duty ever recorded for April. This surge in activity and revenue can be attributed to rising income levels and a positive attitude towards homeownership among Mumbai residents.
Pritam Chivukula - Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty,
"This achievement not only demonstrates the unwavering confidence that homebuyers have in the Mumbai market, but also underscores the resilient demand for residential spaces in the city. This is indicative of the vibrancy and allure of Mumbai as a prime location for both living and investment. The fact that April 2024 marks the second-highest number of property registrations for the month in over a decade, along with the highest April stamp duty collection in the same period, is a testament to the growing economic prosperity and the positive sentiment towards real estate investment in our city."
According to the anaylsis, in April 2024, there was an increase in registration of apartments measuring up to 500 sq ft, rising to 45% of all registrations. Meanwhile, larger apartments measuring 1,000 sq ft and above remained stable at 15%.
Moreover, most property buyers in the MMR region in April 2024 were individuals aged 28-43, also known as millennials, accounting for 37% of the total share; followed by 36% of buyers comprising individuals from people aged 44-59.
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