Elderly Homebuyers Drive Mumbai's Property Market with 200% Increase in Registrations
Mumbai's property market sees significant growth in registrations among senior citizens, with a 204% increase in 2024. Maharashtra's real estate premium cut may boost under-construction projects and new launches.
Mumbai Property MarketSenior CitizensProperty RegistrationsKnight Frank IndiaReal EstateReal Estate MaharashtraAug 30, 2024
The proportion of registrations in this age group has increased from 12% in 2020 to 18% in 2023. In 2023, a total of 22,849 senior citizens registered their property purchases, whereas, in 2024 till July, this number was recorded at 15,276. Further, by the end of 2024, property registrations by senior citizens are expected to exceed 23,000, maintaining an 18% market share.
The data from the Maharashtra Government's Department of Registrations and Stamps (IGR) shows that the 61 years and above age cohort has seen the most prolific growth in market share of sales among all other age brackets. The overall property registrations for this age cohort have increased from 12% in 2020 to 18% in 2023.
Traditionally, the older generation has favored a stable lifestyle, often choosing to own an apartment rather than rent. However, following the COVID-19 pandemic, there has been an increased inclination among senior citizens to upgrade. The desire to bring the entire family together under one roof and the need for better lifestyle-oriented spaces have resulted in increased share of property registrations in this age group as they preferred moving in larger apartments.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The shift in the mindset of home buyers initiated by the pandemic of 2020 has led buyers to seek larger and better living conditions. For many seniors in the city, the pandemic meant reunion with their children necessitated by trends of work from home, which further influenced decisions to buy larger homes. An increased share of buyers in the senior age category reflects optimism for the market, and the trajectory is expected to further grow in the remainder of the calendar year.”
About Knight Frank India Knight Frank India is a leading real estate consultancy firm that provides a comprehensive range of services across various segments, including residential, commercial, and industrial.
Frequently Asked Questions
What is the percentage increase in property registrations among senior citizens in Mumbai?
204% increase in 2024 compared to 2020.
What is the expected number of property registrations by senior citizens by the end of 2024?
23,000, maintaining an 18% market share.
What is the primary reason for the increase in property registrations among senior citizens?
The desire to bring the entire family together under one roof and the need for better lifestyle-oriented spaces.
How has the COVID-19 pandemic affected the property market in Mumbai?
The pandemic has led to a shift in the mindset of home buyers, with buyers seeking larger and better living conditions.
What is the expected trajectory of the property market in Mumbai for the remainder of the calendar year?
The trajectory is expected to further grow, with an increased share of buyers in the senior age category reflecting optimism for the market.
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