Festive Season Sparks Property Buying Spree In Mumbai

November 4, 2024

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The Mumbai property market experienced a significant surge during the festive season, with Navratri marking a strong start. According to Knight Frank data, the city recorded 5,199 property registrations from October 3rd to 11th, 2024, a 13.2 per cent year-on-year (YoY) increase compared to the previous year. This uptick generated a revenue of Rs 502 Crores for the state exchequer.

Shifting Market Dynamics

A notable trend observed during this period was a shift in buyer preferences. Central and South Mumbai witnessed a rise in market share, with Central Suburbs increasing from 29 per cent to 31 per cent and South Mumbai from seven per cent to nine per cent. This shift can be attributed to factors like improved infrastructure, better connectivity, and a growing preference for prime locations.

Demand for Larger Units Grows

The demand for larger homes also gained momentum. Apartments sized between 500 and 1,000 sq ft remained the most popular, constituting 47 per cent of registrations. However, there was a significant increase in the share of larger units:

• 1,000 to 2,000 sq ft: Increased from 13 per cent to 16 per cent
• Over 2,000 sq ft: Increased from two per cent to three per cent

Conversely, the share of smaller units (up to 500 sq ft) declined slightly from 36 per cent to 34 per cent.

High-Value Properties Drive Growth

The luxury segment also experienced a surge, with properties priced at Rs two Crores and above accounting for 22 per cent of registrations, up from 18 per cent in the previous year. This segment contributed 2,876 properties to the overall sales.

Overall Market Outlook

For the entire month of October 2024, Mumbai is projected to record 12,929 property registrations, generating over Rs 1,099 Crores in revenue. This represents a 22 per cent YoY increase in registrations and a 32 per cent YoY rise in revenue.

Shishir Baijal, CMD of Knight Frank India, expressed optimism about the market's performance, stating, "Mumbai embraced the festive season with a remarkable surge in property registrations. A rise in volume and revenue signifies strong homeownership sentiments."

The festive period, coupled with improving economic conditions, has played a crucial role in driving this positive momentum in the Mumbai property market.

Source: timesproperty.com

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