Mumbai sees 8% y-o-y rise of property registrations in August

The real estate market is currently experiencing organic and sustainable growth, attracting both end-users and investors. In Mumbai, the financial capital of India, many homebuyers are upgrading to larger and more luxurious homes. This trend is driven not only by the desire for better living conditions but also by the wealth generated from gains in the equity market -- Sunil Dewali, Co-CEO of Andromeda Sales & Distribution

Mumbai: Mumbai's real estate market demonstrated resilience in August, with property registrations marking an 8 per cent year-on-year increase.

The total number of registrations climbed to 11,735, up from 10,902 in August 2023, as per the latest data from the Inspector General of Registration and Controller of Stamps, Maharashtra. Despite a seasonal dip due to the monsoon, which led to a 5 per cent decrease in registrations from July's 12,373 registrations, the market's overall performance remained strong.

In a significant boost to the State's revenue, stamp duty collections from property registrations in Mumbai surged by over 32 per cent, reaching ₹1,072 crore in August compared to ₹810 crore during the same period last year. In July, the stamp duty collections stood at ₹1,064 crore, according to the data. Of the total property registrations in Mumbai in August, residential units constitute roughly around 80 per cent, according to Knight Frank India. Talking to Bizz Buzz, Sunil Dewali, Co-CEO of Andromeda Sales & Distribution, parent company of Andromeda Realty Advisors, says, “The real estate market is currently experiencing organic and sustainable growth, attracting both end-users and investors. In Mumbai, the financial capital of India, many homebuyers are upgrading to larger and more luxurious homes. This trend is driven not only by the desire for better living conditions but also by the wealth generated from gains in the equity market, which is being reinvested into real estate.”

This dual movement—upgrading homes and channeling investment profits into property—highlights a robust demand for real estate that is contributing to the sector's steady growth.

Akhil Saraf, Founder and CEO, Reloy, says, “We are seeing a significant surge in demand from home buyers looking to upgrade from their current residences. Unlike first-time home buyers, these individuals are motivated by the desire to enhance their living experience and are investing in new properties that offer more than just space and a prime location. Modern amenities such as state-of-the-art fitness centres, Yoga space, smart home technology, and open green spaces are becoming increasingly appealing to these buyers.”

Today's home buying decisions go beyond traditional considerations of square footage and geographical convenience. Buyers are now seeking a lifestyle upgrade that reflects contemporary standards of comfort, convenience, and luxury. As a result, developers are focusing on creating residential communities that cater to these evolving preferences, integrating high-end features and a sense of community living that resonate with the modern home buyer.