Mumbai's real estate sector is undergoing a significant surge, with February 2024 marking a record-breaking month for property processes. Under the Brihanmumbai Municipal Corporation's (BMC) jurisdiction alone, the city has observed the registration of 12,040 units up to 8 p.m. on a Thursday, indicating a notable increase from February last year, rendering to real estate consultant Knight Frank India, which found its data from the Maharashtra government.
Jump in Registrations and Revenue in February
February 2024 witnessed an imposing 11,742 properties being registered, generating Rs 865 crores in revenue for the state. This denotes a 21% year-on-year increase in registrations. However, there was a 22% cut in revenue compared to the previous year, attributed to the high baseline set by last year's tax deductions policy changes on capital gains.
Sustained Buyer Confidence
The assurance among Mumbai's home buyers remains firm, with a positive outlook driving the market. With residential units secretarial for 80% of total registrations, the demand for home ownership is healthy. This surge, driven by increasing income levels and positive sentiment, underscores the market's flexibility.
Changing Preferences in Apartment Sizes
February 2024 also witnessed a notable shift in apartment size preferences, with smaller apartments (500 sq-ft and below) constituting 45% of registrations, up from 34% the previous year. This shift reflects a temporary departure from the trend of preferring larger apartments, indicating a nuanced market evolution.
The Allure of Central and Western Suburbs
The Central and Western suburbs continue to attract the majority of registrations, thanks to their modern amenities and connectivity. These areas accounted for over 73% of the total, with a significant majority of buyers choosing to remain within their familiar micro markets.
A Market of Exceptional Performance
Knight Frank India's Chairman & Managing Director, Shishir Baijal, highlighted Mumbai's exceptional market performance, noting a consistent rise in property registrations. The market's strength is evident from the 21% year-on-year and 7% month-on-month increases, indicating a sustained positive trajectory. The outlook remains bright, with economic momentum and the potential for easier interest rates making the environment even more conducive for buyers..
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