Mumbai's property registrations take 17% leap during May

Mumbai has always been a highly sought-after city, attracting people from across the country seeking job opportunities and better life prospects. Owning a property in Mumbai is a significant dream for many who work and live in the city - Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd

Mumbai: Mumbai's real estate sector is showing healthy growth momentum with property registrations for May 2024 up by 17 per cent to 11,520 from 9,823, a year earlier.

The bulk of these transactions, constituting approximately 80 per cent, pertain to residential properties, emphasising the sustained demand for housing in the region. This trend serves as a conspicuous testament to the unwavering confidence of homebuyers in Mumbai's real estate market. The momentum is anticipated to persist, buoyed by robust economic fundamentals and a favourable environment. Further, properties measuring up to 500 to 1,000 sq ft emerged as the most popular in terms of size with 51 per cent registrations in this category for May 2024.

Talking to Bizz Buzz, Akhil Saraf, Founder and CEO, Reloy says, “There is strong demand from both homebuyers and investors. Developers are launching projects that meet homebuyer requirements. Reputed developers are attracting significant buyer interest and commanding premiums for projects in prime locations with modern amenities.”

This trend is expected to persist in the medium to long term, especially with infrastructure development in the Mumbai Metropolitan Region (MMR) opening up new areas for residential projects, he said.

Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd, parent company of Andromeda Realty Advisors, says, “Mumbai has always been a highly sought-after city, attracting people from across the country seeking job opportunities and better life prospects. Owning a property in Mumbai is a significant dream for many who work and live in the city.”

Consequently, we are consistently witnessing an increase in the number of first-time homebuyers, along with existing homeowners looking to upgrade to better and bigger homes. As a result, the number of property registrations is rising every month, he said. May has seen stamp duty collections rise by over 19 per cent to Rs 992 crore from Rs 832 crore in May 2023 according to Maharashtra government data. This surge in activity and revenue can be attributed to rising income levels and a positive attitude towards homeownership among Mumbai residents.

Prashant Sharma, President, NAREDCO Maharashtra says, “The Mumbai real estate market continues to demonstrate remarkable resilience and growth, as evident by the substantial increase in property registrations and stamp duty collections in May 2024.”

This steady increase shows strong market confidence and economic stability. With favorable interest rates, this positive trend is expected to continue, making it an exciting time for buyers and investors in Mumbai.

Pritam Chivukula - Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty says, “Mumbai's real estate sector is currently witnessing robust growth, evident from the 17 per cent increase in property registrations compared to the previous year.”

The significant portion of these transactions relating to residential properties, coupled with a surge in stamp duty collections, underscores the enduring demand for housing in the region. This positive trend reflects the unwavering confidence of homebuyers in Mumbai's real estate market, fuelled by strong economic fundamentals and a favourable environment. Additionally, the popularity of properties within the 500 to 1,000 sq ft range further highlights consumer preferences.