Mumbai Sees Second Highest April Property Registrations In 12 Years
May 2nd, 2024
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Mumbai's real estate market continued its positive trajectory in April 2024, recording a significant surge in property registrations. According to a report by Knight Frank India, the city witnessed the second-highest number of property registrations for the month of April in over 12 years. This robust performance is attributed to a combination of factors, including rising income levels and a growing preference for homeownership.
Key Highlights:
- Increased Registrations: A total of 11,504 property registrations were recorded in April 2024, translating to a nine per cent increase compared to the same period last year. This sustained growth signifies the enduring confidence of homebuyers in the Mumbai market.
- Revenue Boost: The upswing in registrations resulted in a substantial revenue increase for the state exchequer. Stamp duty collection from property registrations reached a record high of Rs 1,043 crore, marking a 16 per cent year-on-year growth.
- Residential Dominates: Residential units comprised a significant 80 per cent of the total registered properties, highlighting the strong demand for housing in Mumbai. This trend suggests a healthy appetite for residential spaces within the city.
- Millennials Lead the Charge: Interestingly, millennials (aged 28-43) constituted the largest buyer segment, accounting for 37 per cent of all property registrations in April 2024. Following closely behind were Gen X buyers (aged 44-59) at 36 per cent. This data indicates a shift in demographics within the Mumbai property market.
The report further reveals insights into preferred locations within Mumbai.
- Central and Western Suburbs Lead: Central and western suburbs emerged as the most sought-after locations, collectively accounting for over 73 per cent of the registered properties. This popularity can be attributed to the new launches offering modern amenities and good connectivity in these areas.
- Micro-Market Focus: A high proportion of buyers (86 per cent in the western suburbs and 92 per cent in the central suburbs) opted to purchase properties within their familiar micro-markets. This preference highlights the importance of location familiarity and convenience for homebuyers.
Industry experts anticipate this positive momentum to continue in the Mumbai property market. Factors such as robust economic growth and stable interest rates are expected to further fuel property registrations in the coming months. The report by Knight Frank India paints a promising picture for Mumbai's real estate sector, underlining its attractiveness to homebuyers across various demographics.
Source: timesproperty.com
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