Mumbai's housing market is booming. New home registrations rose 17% in May 2024 compared to last year, with a strong demand for mid-sized apartments (500-1,000 sq. ft). This hot market is fueled by rising incomes, a potential post-pandemic preference for city living, and overall economic stability. Experts point to strong buyer confidence and favorable interest rates as reasons for the growth, with stamp duty collections jumping over 19% as well. While property prices might be rising, the continued increase in sales suggests this growth is likely to stay, creating a positive environment for potential homebuyers in Mumbai.
Mumbai's property market is experiencing a growth spurt, with registrations for new homes rising 17% in May 2024 compared to the same month last year. This positive trend is driven by a strong demand for housing, particularly in the mid-size segment (500-1,000 sq. ft).
According to data from the Maharashtra government, property registrations in Mumbai reached 11,520 in May 2024, a significant increase from 9,823 in May 2023. This rise in activity is further reflected in stamp duty collections, which jumped over 19% to INR 992 crore in May 2024 compared to INR 832 crore in the same month last year.
Industry leaders attribute this growth to several factors. Mr. Prashant Sharma, President of NAREDCO Maharashtra, highlights the "remarkable resilience and growth" of the Mumbai market, fueled by strong market confidence and economic stability. Favorable interest rates are also seen as a contributing factor.
Mr. Pritam Chivukula, Vice President of CREDAI-MCHI, emphasizes the enduring demand for housing in Mumbai. He points to the significant portion of transactions related to residential properties, along with the rise in stamp duty collections, as evidence of this demand. Mr. Chivukula also notes the popularity of mid-sized properties (500-1,000 sq. ft), suggesting a focus on affordability among buyers.
Mr. Vedanshu Kedia, Director of Prescon Group, is optimistic about the future of the Mumbai market. He sees the ongoing increase in sales and registrations, even with rising property prices, as a sign of strong buyer confidence. Favorable economic conditions and interest rates are expected to further support this positive momentum, creating an encouraging environment for potential homebuyers.
Other than registration numbers and stamp duty collections, one key factor is rising income levels among Mumbai residents, making homeownership a more attainable goal. Additionally, there could be a shift towards urban living post-pandemic, leading to increased demand for city apartments.
Overall, the data suggests a strong and growing housing market in Mumbai. Favorable economic conditions, combined with a strong demand for mid-sized properties, are expected to keep the market resilient in the coming months.
Advertisement
Facebook
Whatsapp
