Mumbai: Festive Season Boosts High-Value Property Registrations in October 2024
Experts in the real estate sector highlight that residential properties led the growth, accounting for 80% of the total registrations.
Mumbai PropertyHighvalue TransactionsReal EstateFestive SeasonMarket TrendsReal Estate MaharashtraNov 04, 2024
Experts in the real estate sector emphasize that residential properties were the primary drivers of this growth, comprising 80% of the total registrations. This underscores the robust and consistent demand for housing in the city. Notably, high-value properties saw a marked increase, with transactions for properties priced above Rs 2 crore reaching 2,876 units. This accounts for 22% of total registrations, up from 18% in October 2023. Industry analysts interpret this trend as a growing consumer preference for premium properties, reflecting the resilience of Mumbai's real estate market.
However, there was a contrasting trend in the lower end of the market. Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024. This shift indicates a move towards mid-to-high-end property investments, reflecting evolving market dynamics and a clear inclination towards higher-value investments.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai for October 2024?
Mumbai's property registrations increased by 22% year-on-year in October 2024.
What percentage of property registrations were residential properties in October 2024?
Residential properties accounted for 80% of the total registrations in October 2024.
How many high-value properties were registered in October 2024?
2,876 high-value properties, priced above Rs 2 crore, were registered in October 2024.
What is the trend in property registrations for lower-value properties in October 2024?
Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024.
What factors are driving the increase in high-value property registrations?
The increase in high-value property registrations is driven by festive season demand, economic stability, and shifting consumer preferences towards premium properties.
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