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Mumbai’s Real Estate Sector Hits New Heights for 10th Consecutive Month

June 3, 2024
Achievements , Business Ethics & Culture , Economy

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Mumbai’s real estate market has sustained its streak of breaking records, achieving unprecedented performance in May, propelled by vigorous sales and strong demand, notwithstanding the hike in mortgage interest rates and property values.

The metropolis, known as India’s most significant and priciest real estate hub, registered over 11,917 property transactions in the month, marking a 21.3% increase compared to the previous year, as per data recorded until 7 pm on Friday. These transactions in Mumbai contributed Rs1,029 crore to Maharashtra’s stamp duty revenue, a 23.5% rise from the same month last year, based on figures from the Inspector General of Registration and the Controller of Stamps.

Residential units made up 80% of the total property registrations for the month, with the remainder being commercial real estate.

Deepak Goradia, chairman and managing director of Dosti Realty, a developer based in Mumbai, commented, “The nation’s economic growth and bright prospects have significantly boosted the confidence of homebuyers in the property market, leading to vigorous activity in the sector. The industry is excelling across all major indicators, including sales dynamics, new project launches, and price appreciation, with Mumbai’s property market clearly leading the way.”

Homebuyers’ enduring trust has driven property registrations to exceed the 10,000 threshold each month in the first quintet of 2024. Furthermore, the market has experienced consistent year-over-year growth in registrations for ten consecutive months since August 2023.

Shishir Baijal, chairman and MD of Knight Frank India, a real estate consultancy, observed, “The sustained growth in property sales and registrations began with incentives from the state government and has continued to rise despite an increase in average property prices. This mirrors the market’s robustness and the confidence that buyers place in India’s economic stability.” He anticipates this trend to continue, supported by solid economic expansion and a conducive interest rate landscape, fostering a positive environment for prospective purchasers.

Chintan Sheth, chairman and MD of Sheth Realty, expressed optimism about the market, predicting a continued upward trajectory in the forthcoming months.

In May, properties ranging from 500 sq ft to 1,000 sq ft represented 51% of all registrations. Units up to 500 sq ft accounted for 33%, while 15% of transactions were for properties exceeding 1,000 sq ft, according to the registration data.

The majority of property purchasers in Mumbai were millennials, aged between 28-43 years, comprising 38% of the overall transactions.

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