Mumbai sells 12,000 property units in a month; what’s driving property boom after 13 years?
Mumbai Real Estate: While property registrations are likely to see a year-on-year (YoY) increase of 4 per cent, stamp duty collections may witness a marginal dip of around 6 per cent.
Mumbai Real Estate Boom: This April, Mumbai is buzzing with property sales. Over 12,000 deals are expected to be registered in the city limits under BMC, bringing in almost Rs 990 crore in revenue for the state government. Compared to last year, property registrations are up by about 4 per cent, though stamp duty collections might dip slightly by 6 per cent. The biggest chunk of this demand is for homes 80 per cent of April’s registrations come from residential properties, showing that people are keen on buying places to live.
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April sees highest property registrations in 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.
More buyers are eyeing premium homes
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.
Lower repo rates could mean cheaper home loans
With RBI cutting the repo rate by 50 basis points recently, getting a home loan might become more affordable — a big plus for buyers.
Big-ticket properties are selling faster
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.
Mid-range properties see slight slowdown
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.
Smaller flats still most popular
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.
Western and Central Suburbs lead the way
Most sales around 85 per cent happened in the Western and Central suburbs. These areas remain the hotspots for property buyers.
South and Central Mumbai also see boom
Sales in South and Central Mumbai grew by 1 per cent, showing steady interest in these prime locations.
Residential demand drives the market
With 80 per cent of the registrations linked to residential properties, it’s clear people are focused on owning homes rather than commercial spaces.
Expert Insight: Keep the momentum going
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.”