Mumbai property market at 12-year high in February

Property registration in the country’s largest real estate market, Mumbai, soared to a 12-year high in February. The maximum city that houses over 17.5 million people and witnesses sales of close to 1.54 lakh homes a year, is on a roll of late. Apart from buyers’ renewed thirst for homeownership, rapid infrastructure development in and around the city has boosted the real estate market in recent times, say experts.

During February, some 11,742 properties were registered in Mumbai – 21% higher than the 9,684 units that were registered in the same month in 2023. The number is also 7% higher than the number of properties registered in January this year. This growth marks the highest number of property registrations for any February in the last twelve years, underscoring a buoyant demand for real estate in India’s financial capital.

The prior peak in February 2022 was fuelled by heightened optimism and the release of pent-up demand as the pandemic effects diminished. However, the recent upsurge can be credited to rising income levels and a favourable sentiment towards homeownership.

According to Prashant Sharma, President, NAREDCO Maharashtra, the continued upward trajectory in 2024, not only represents a strong start to the year but also signals a healthy and resilient market environment. “We remain optimistic about the sustained growth and vitality of Mumbai’s real estate market, driven by favorable economic conditions, increasing income levels, and a collective aspiration towards owning property,” he says

“The development of new infrastructure has significantly enhanced connectivity and travel convenience, broadening the spectrum of housing choices available to prospective buyers. It’s a testament to how infrastructure development and economic growth go hand in hand in creating a vibrant housing market that meets the aspirations of its residents,” says Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty.

According to Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers, a notable trend “is the shift in preference towards the suburban areas, driven by the allure of improved infrastructure and connectivity which in turn enhances the quality of life. The demand for compact and affordably priced homes in these areas is on the rise, indicating a significant market shift”.

source : businesstoday