Mumbai sells 12,000 property units in a month; what’s driving property boom after 13 years?

It’s been over a decade since Mumbai saw this many property deals in April, a clear sign that the market is heating up.

The share of properties costing Rs 2 crore and above has jumped from 22 per cent last year to 25 per cent now. People are willing to spend more on their dream homes.

With RBI cutting the repo rate by 50 basis points recently, getting a home loan might become more affordable — a big plus for buyers.

Properties priced between Rs 2-5 crore saw a 19 per cent increase in sales, and those over Rs 5 crore jumped by 18 per cent. Luxury homes are definitely in demand.

On the other hand, properties in the Rs 50 lakh to Rs 2 crore range saw a small drop in sales, suggesting buyers are leaning towards bigger investments.

Homes up to 1,000 sq ft continue to be the top choice for buyers. Flats between 1,000 and 2,000 sq ft hold a steady 14 per cent of sales, while large homes over 2,000 sq ft make up about 3 per cent.

Most sales around 85 per cent happened in the Western and Central suburbs. These areas remain the hotspots for property buyers.

Sales in South and Central Mumbai grew by 1 per cent, showing steady interest in these prime locations.

With 80 per cent of the registrations linked to residential properties, it’s clear people are focused on owning homes rather than commercial spaces.

Shishir Baijal, Chairman and MD of Knight Frank India, said, “April’s numbers show the market is at its strongest in over a decade. It’s great to see buyers moving towards premium homes. Banks need to ensure the benefits of RBI’s rate cuts reach customers quickly so the market keeps moving forward.”