Mumbai's Real Estate Market Sees a Surge in Property Registrations in October 2024
Experts in the real estate sector highlight that residential properties led this growth, comprising 80% of the total registrations, with a significant increase in high-value transactions.
Mumbai Property MarketReal EstateHighvalue TransactionsFestive SeasonProperty RegistrationsReal EstateNov 04, 2024
Experts in the real estate sector highlight that residential properties led this growth, comprising 80% of the total registrations. This underscores the strong and consistent demand for housing in the city. Notably, high-value properties saw a significant uptick, 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 note this trend as a growing consumer preference for premium properties, showcasing Mumbai's resilient real estate market.
Real estate specialists also observed 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.
Prashant Sharma, President of NAREDCO Maharashtra, remarked, 'The remarkable increase in property registrations and revenue generation this October underscores the positive sentiment surrounding property investments during the festive period. The alignment of auspicious occasions like Navratri and Diwali in the same month has certainly catalyzed this growth. Buyers view this as an ideal time for high-value investments, reflecting growing confidence in Mumbai’s real estate market, supported by strong demand across segments and favorable state policies.'
Rajeev Ranjan, Co-Founder & CEO of The Mentors Real Estate Advisory Pvt Ltd, echoed this sentiment, stating, 'The festive period has brought forth a surge in property registrations, fueled by the high-value sentiment associated with Navratri and Diwali. This seasonal upturn, combined with Mumbai's strategic allure as a premium investment destination, showcases the strength of the real estate sector as a wealth-building asset for buyers. The impressive rise in revenue from property registrations signals a maturing buyer profile that sees long-term value in real estate.'
Anil Mutha, Chief Visionary & Co-Founder of Nandivardhan Group, feels that the strong performance in property registrations during October reflects Mumbai's enduring appeal and the pent-up demand catalyzed by Dussehra and Diwali. Vedanshu Kedia, Director of Prescon Group, observed, 'The increased demand in the high-value property segment underscores a shift in buyer preference towards premium, amenitized living experiences. This trend highlights the aspirations of Mumbai's buyers for quality and lifestyle-driven investments.'
Rohan Khatau, Director of CCI Projects, noted, 'The significant increase in registrations, particularly in premium segments, signals robust demand driven by economic stability and aspirational buying. The reduced share of lower-value properties indicates a trend where Mumbai homebuyers are moving towards long-term investments that enhance quality of life.'
Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty, commented, 'The consistent rise in property registrations, especially during the festive season, reflects renewed confidence among homebuyers. The strong demand for high-value properties reaffirms Mumbai’s position as a lucrative and resilient real estate market. With upcoming infrastructure advancements, we anticipate this trend will continue, creating positive momentum across all price segments.'
This analysis underscores Mumbai's dynamic and resilient real estate market, driven by festive season demand, economic stability, and shifting consumer preferences towards premium properties.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai for October 2024 compared to October 2023?
Mumbai's property market recorded a 22% year-on-year increase in registrations for October 2024, with 12,960 units registered, up from 10,607 units in October 2023.
What percentage of property registrations in October 2024 were for residential properties?
Residential properties led the growth, comprising 80% of the total registrations in October 2024.
How many high-value property transactions were recorded in October 2024, and what percentage of the total registrations did they represent?
Transactions for properties priced above Rs 2 crore reached 2,876 units, accounting for 22% of total registrations in October 2024, up from 18% in October 2023.
What trend was observed in the lower end of the market in terms of property registrations?
Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024, indicating a shift towards mid-to-high-end property investments.
What factors are contributing to the surge in property registrations during the festive season?
The alignment of auspicious occasions like Navratri and Diwali, combined with economic stability and favorable state policies, are contributing to the surge in property registrations during the festive season.
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