In a surprising turn of events, Mumbai’s real estate market has experienced a significant upswing, with property registrations in the month of October 2023 soaring by a remarkable 26 per cent year-on-year. This surge in property registrations contributed a staggering revenue of over Rs 835 crore to the state exchequer, making it the highest October registration numbers in the past 11 years. Last October saw 8,422 properties registered in the Mumbai city, compared to the impressive 10,607 units registered in October 2023.
Of the properties registered in October 2023, a substantial 80 per cent comprised residential units, underlining the strong demand in the housing sector. The remaining 20 per cent constituted non-residential assets, reflecting a balanced mix of real estate transactions.
Key figures from the real estate sector weighed in on this robust market performance:
Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, remarked on the market dynamics, saying, “The Mumbai housing market has once again seen exceptional home sales given the ongoing festive season and positivity being witnessed in the housing sector. The government has initiated positive policy measures, this coupled with improved market sentiments, rise in aspirations and income levels has further fuelled housing demand among home buyers propelling home sales. We expect housing demand to remain strong given the rapid infrastructure growth which has improved market sentiments and fuelled housing demand.”
Rohan Khatau, Director, CCI Projects, expressed his perspective on the burgeoning real estate market, stating, “The Mumbai real estate market is experiencing remarkable growth, and these registration statistics serve as solid evidence of this trend. A positive sentiment among potential homebuyers is driving increased home sales. Rising income levels and the aspiration to own a home have played significant roles in motivating buyers to pursue their dream homes. Furthermore, ongoing infrastructure projects throughout the MMR region have played a crucial role in boosting home sales.”
Vivek Mohanani – MD & CEO, Ekta World, added, “The registration figures only prove that the Mumbai housing market is robust as prospective home buyers are actively seeking to purchase their dream homes. Mumbai is experiencing an upgrade through several infrastructure projects that are not only improving connectivity but also expanding housing opportunities to emerging areas. With the positive sentiment among home buyers on the rise, and with Diwali on the horizon, it is anticipated that home sales will achieve unprecedented levels.”
The combination of favorable government policies, a festive atmosphere, increased income levels, and a flurry of infrastructure projects has fueled a remarkable surge in the Mumbai real estate market. As the city continues to evolve and expand, it appears that the trend of rising property registrations is set to continue, creating exciting opportunities for both homebuyers and developers.