Mumbai registers highest property registrations for February month in last 12 years

Mumbai real estate market witnessed a significant upturn in February 2024, with property registrations soaring to 11,742, a 21 percent increase compared to February 2023's 9,684 registrations, and a 7 percent rise from January 2024's figures, as per data from IGR Maharashtra. 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, said Knight Frank India in its report.

Despite this surge in property registrations, the sector faced a downturn in revenue from stamp duty collections, which saw a 22% year-on-year drop from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024. However, on a month-on-month basis, there was an increase in stamp duty collections from Rs 760 crore in January 2024.

Here are the comments from the real estate experts on the robust property registrations:

Prashant Sharma - President, NAREDCO Maharashtra said, "We are witnessing an exceptional period in the Mumbai real estate market, as evidenced by the remarkable number of property registrations in February 2024. 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."

Pritam Chivukula - Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty said, "The exceptional performance of the Mumbai housing market, marked by record-breaking home sales, reflects the city's growing realization of the essential value of homeownership. This surge in demand is not just about securing a place to live; it's about aspiring for an improved quality of life, fueled by rising income levels and the desire for a better lifestyle. Moreover, 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."

Vedanshu Kedia - Director, Prescon Group said, "February 2024 stands out as a landmark month for Mumbai's real estate market, with property registrations reaching a 12-year high. The market showcased remarkable resilience and growth that underscores the robust demand for real estate in the city. This surge in registrations paints a promising picture for Mumbai's real estate sector. It is clear that the demand for homes in Mumbai is on an upward trajectory, driven by improved income levels and a positive outlook on homeownership. As we move forward, it's crucial for stakeholders to leverage this opportunity to strategize and align with the evolving market demands.

Himanshu Jain, VP - Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL) said, "The Mumbai real estate landscape is witnessing robust growth, particularly in the demand for housing, leading to impressive home sale figures. 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. These homes not only offer an attractive price point but also cater to a broad range of lifestyle aspirations. The suburbs have become a focal point for those seeking quality living spaces that promise both comfort and convenience, marking a new chapter in Mumbai's real estate development."