Mumbai Real Estate: In February, Mumbai saw a significant increase in property registrations, with 11,742 properties registered. This is 21% higher than the 9,684 properties recorded in the same month last year. (Reuters)
Mumbai, India’s biggest real estate market, experienced a remarkable surge in property registrations in February, reaching a 12-year high. The city, home to over 17.5 million people and nearly 154,000 home sales annually, is witnessing a strong demand for real estate. Experts attribute this to a renewed interest in buying homes and major improvements in the city’s infrastructure.
In February, Mumbai registered 11,742 properties, marking a 21% increase from the 9,684 units registered in February 2023, and a 7% increase from January of this year. This represents the highest number of registrations for any February in the past twelve years, highlighting the strong demand for real estate in India’s financial hub.
The peak in February 2022 was driven by optimism and the release of demand accumulated during the pandemic. However, the recent rise is due to higher income levels and a positive attitude towards owning a home.
Prashant Sharma, President of NAREDCO Maharashtra, believes the growth in early 2024 indicates a strong and stable market. “The market’s robust start this year suggests ongoing growth and resilience, supported by good economic conditions, rising incomes, and a shared goal of property ownership,” he stated.
Pritam Chivukula, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty, notes that new infrastructure projects have greatly improved connectivity and travel, offering homebuyers more options. “This shows that infrastructure development and economic growth together create a dynamic housing market that fulfills the aspirations of its residents,” he explained.
Himanshu Jain, VP of Sales, Marketing, and CRM at Satellite Developers, observed a trend towards suburban living, attracted by better infrastructure and connectivity, which enhances life quality. “There’s a growing demand for compact, affordable homes in these areas, showing a significant shift in the market,” he said.
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