Mumbai Real Estate Sees 21% Jump in Registrations

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    “Mumbai Real Estate Sees 21% Jump in Registrations: Small to Mid-sized Properties Lead the Way”

    Analysis of the Market

    • Residential units made up 80% of the registered properties, while the remaining 20% consisted of non-residential assets.
    • The boost in registrations is attributed to higher income levels and a positive attitude towards homeownership.
    • The city experienced its best January in terms of revenue collections in 12 years, driven by increased stamp duty rates, rising property prices, and a growing share of premium properties.

    Popular Property Sizes

    • Properties ranging from 500-1,000 sq ft dominated registrations.
    • Apartments measuring 500 sq ft and below saw a notable increase, rising from 35% to 48% compared to the previous year.
    • However, the share of apartments in the 500-1,000 sq ft range declined to 43% from 48% in the same period.
    • Despite this decline, larger apartments continue to be the preferred choice overall.

    Market Trends

    • The surge in property prices and a 250-basis point increase in the policy repo rate over the last two years negatively impacted properties below the Rs 1 crore threshold.
    • Properties valued at Rs 1 crore and above showed a smaller impact from these factors.
    • Central and western suburbs accounted for over 75% of the total registered properties, attracting buyers with new launches, modern amenities, and good connectivity.

    Outlook for 2024

    • Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed optimism, stating that Mumbai’s residential market is off to an exceptional start in 2024.
    • The positive momentum is expected to continue, especially with the anticipation of strong economic growth and potential easing of interest rates throughout the year, creating a favorable environment for homebuyers.

    Also read: Why Dubai Real Estate is a Magnet for Indian Investors

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