The real estate market in Mumbai is performing quite well, approaching its all-time high levels. It has already crossed the 1 lakh mark in registrations for the first nine months of the year. This count fed around ₹8,892 crore into the Maharashtra exchequer. According to Knight Frank, “This represents a 12% increase in registration over last year and a 6% increase in revenue.”
September 2024 saw 9,167 registrations, down 14% from the same period last year. However, revenue dipped by 21% to ₹892 crore. The officially cited reason for the slump is the inauspicious fortnight of ‘Shraadh’. In 2023, this falls between September 29 and October 14.
According to the report, high-value property registrations were gaining traction. ₹2 crores-plus priced transactions accounted for 23% of the overall registration in September 2024 as compared to 18% registered from a year ago. Transactions in this category included 2,108 properties. The share of properties valued at less than ₹50 lakhs saw a sharp drop – down from 28% in September last year to 17% this September.
The demand for homes continues unabated. Sales 2024 is nearly 25% higher than 2023 and therefore has halved unsold stock at about 15% while launches during this period have recorded a 10% increase. Total registration may touch the 1.5 lakh mark by the year-end.
Dr. Mohit Ramsinghani, Chief Business and Strategy Officer at Suraj Estate Developers observes that the city is witnessing unprecedented growth in the real estate market. According to him, it states healthy economy and increased investor confidence; maybe even an indication of slowly but surely shifting to a buyer-driven market.
CMD of Arihant Superstructures, Ashok Chhajer considers this success may result from the current conditions being conducive to the economy with a further decline in home loan interest rates and infrastructure improvement. He noted that a new wave of investors is now drawn to Mumbai’s real estate market, focusing on luxury, mid-segment, and affordable housing options.
The festive season is just around the corner and most industry experts say that the upward curve of property registrations will continue. Ravi Ramesh Pilani, MD at Pilani Realty says the festive season presents a great time for homebuyers to see their dreams come true, which is proof of the strength of the property market and the economy, too.
Pratapsingh Nathani CMD Beacon Trusteeship added, “The western and central suburbs continue to remain the most in-demand,” but noted that “the performances of other regions particularly south Mumbai is significantly improving” which he attributes to increasing registrations in those regions as well and indicates a sustained buyers’ confidence because of stable economic conditions and the interest rates.
