Mumbai Sees 9% Property Registration Growth in FY2024-25, Premium Homes Lead the Market

Mumbai, March 31 (IANS) Mumbai's real estate market rounded off FY2024–25 on a robust note, clocking over 15,603 property registrations in March. This figure represents a 9% growth compared to the previous fiscal year, signaling a strong recovery and renewed investor confidence.

The premium housing segment emerged as the frontrunner, driving the growth in property registrations. Homebuyers, particularly those looking for luxury and high-end properties, showed increased interest, driven by favorable economic conditions and improved financial stability.

According to industry experts, the robust performance of the property market in Mumbai can be attributed to several factors. The government's initiatives, such as reduced interest rates and relaxed norms for home loans, have played a crucial role in boosting demand. Additionally, the city's strategic location and infrastructure development projects have made it an attractive destination for both domestic and international buyers.

The premium segment, which includes properties priced above Rs 1 crore, recorded a significant increase in sales. High-net-worth individuals (HNWIs) and expatriates have been particularly active in this segment, contributing to the surge in property registrations. The luxury market has also seen a rise in demand for premium amenities and bespoke living experiences, further fueling the growth.

The residential market, especially in key locations like South Mumbai, Worli, and Bandra, has witnessed a steady uptick in property transactions. These areas, known for their prime locations and excellent infrastructure, continue to attract a large number of buyers. The availability of new projects and the introduction of sustainable living options have also contributed to the increased demand.

Commercial real estate has also shown signs of recovery, with several high-profile projects being launched and completed. Office spaces, retail outlets, and commercial complexes are expected to see further growth in the coming months, driven by the city's economic resilience and the positive outlook of businesses.

Despite the positive trends, experts warn that the market is not without challenges. Rising input costs and inflationary pressures could impact the affordability of properties, especially in the mid-range segment. However, the overall sentiment remains positive, with stakeholders expressing optimism about the future of the real estate market in Mumbai.

The government's continued focus on infrastructure development, including the expansion of the Metro network and the improvement of road connectivity, is expected to further bolster the real estate sector. These developments are likely to enhance the quality of life and attract more investments, ensuring sustained growth in the long term.

In conclusion, the 9% growth in property registrations in FY2024-25 is a clear indication of the robust health of Mumbai's real estate market. With premium homes leading the way and various government initiatives supporting the sector, the future looks promising for investors and homebuyers alike.