Mumbai's Elderly Drive Property Registrations with 200% Hike Post-Covid
Property registrations from senior citizens in Mumbai expected to surpass 23,000 in 2024, with a significant increase in market share.
Mumbai Property MarketElderly Home BuyersCovid19 PandemicProperty RegistrationsKnight Frank IndiaReal Estate MumbaiAug 30, 2024
The study found that the number of property registrations by senior citizens in Mumbai has grown from 7,554 in 2020 to 15,276 in 2024, with a total of 22,849 registrations recorded in 2023. The trend is expected to continue, with property registrations by senior citizens projected to exceed 23,000 by the end of 2024.
The data highlights a significant shift in the mindset of home buyers, particularly among the elderly, who are seeking larger and better living conditions. The COVID-19 pandemic has played a crucial role in this shift, with many seniors opting to upgrade their homes to accommodate their families.
Traditionally, the older generation has favored a stable lifestyle, often choosing to own an apartment rather than rent. However, following the pandemic, there has been an increased inclination among senior citizens to upgrade their homes.
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. Many seniors are now opting for larger apartments, which has contributed to the growth in property registrations.According to Shishir Baijal, Chairman and Managing Director of Knight Frank India,
Frequently Asked Questions
What is the expected number of property registrations by senior citizens in Mumbai in 2024?
According to the study by Knight Frank India, property registrations by senior citizens in Mumbai are expected to exceed 23,000 by the end of 2024.
What is the reason behind the increase in property registrations among the elderly in Mumbai?
The COVID-19 pandemic has played a crucial role in the shift in mindset of home buyers, particularly among the elderly, who are seeking larger and better living conditions.
What is the share of property registrations by senior citizens in Mumbai as of 2023?
According to the study, the share of property registrations by senior citizens in Mumbai has increased to 18% as of 2023.
Who is Shishir Baijal and what is his role in Knight Frank India?
Shishir Baijal is the Chairman and Managing Director of Knight Frank India, a leading real estate consultancy firm.
What is the source of the data used in the study by Knight Frank India?
The data used in the study is sourced from the Maharashtra Government's Department of Registrations and Stamps (IGR).
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