Mumbai’s real estate sector is showing healthy growth momentum with property registrations for May 2024 up by 17% to 11,520 from 9,823, a year earlier.
The bulk of these transactions, constituting approximately 80%, pertain to residential properties, emphasizing 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 favorable environment. Further, properties measuring up to 500 to 1,000 sq ft emerged as the most popular in terms of size with 51% registrations in this category for May 2024.
May 2024 has seen stamp duty collections rise by over 19% to INR 992 crore from INR 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.
Here are the comments from the industry leaders on the robust registration numbers.
Mr. Prashant Sharma, President, NAREDCO Maharashtra
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.
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
Mumbai’s real estate sector is currently witnessing robust growth, evident from the 17% 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, fueled by strong economic fundamentals and a favorable environment. Additionally, the popularity of properties within the 500 to 1,000 sq ft range further highlights consumer preferences.
Mr. Vedanshu Kedia, Director, Prescon Group
The ongoing upward trajectory in property sales and registrations, even amidst a rise in average property prices, reflects the strong appetite within the market and the unwavering confidence in the country’s economic bedrock. This positive momentum is poised to persist, buoyed by robust economic growth and a favorable interest rate landscape, which collectively foster an encouraging atmosphere for potential buyers.