The Festive Season Sparks A Property Buying Spree in Mumbai
Property Buying Spree in Mumbai- Mumbai, India. November 4, 2024. The Mumbai property market enjoyed a huge jump throughout the festive season, with Navratri off to a solid start. According to data, the city recorded 5,199 property registrations between October 3rd and 11th, 2024, a 13.2% year-on-year (YoY) increase over the previous year. This increase earned Rs 502 crore in revenue for the state exchequer.
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Shifting Market Dynamics
A noteworthy trend identified during this time was a shift in buyer preferences. Central and South Mumbai had a growth in market share, with Central Suburbs increasing from 29% to 31% and South Mumbai from 7% to 9%. This trend can be ascribed to improved infrastructure, more connectivity, and a growing preference for prime sites.
The demand for larger units grows.
The demand for larger homes also increased. Apartments ranging between 500 and 1,000 square feet were the most popular, accounting for 47% of registrations. However, there was a notable increase in the proportion of larger units:
- 1,000 to 2,000 square feet: Increased from 13% to 16%.
- Over 2,000 square feet: Increased from 2% to 3%.
In contrast, the proportion of smaller units (up to 500 square feet) fell slightly from 36% to 34%.
High-value properties promote growth.
The luxury market also experienced a boom, with residences priced at Rs two crores or more accounting for 22% of registrations, up from 18% the previous year. This section added 2,876 properties to the total sales.
Overall Market Outlook:
Mumbai is expected to receive 12,929 property registrations in October 2024, producing more over Rs 1,099 crore in income. This reflects a 22% YoY increase in registrations and a 32% YoY increase in revenue.
Expressed confidence in the market’s performance, noting, “Mumbai welcomed the Christmas season with a spectacular increase in property registrations. “A rise in volume and revenue indicates strong homeownership sentiments.”
The Christmas season, combined with strengthening economic conditions, has contributed significantly to the Mumbai property market’s good momentum.
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