The COVID-19 pandemic has led to a notable change in home-buying preferences, with many opting for larger and more luxurious homes. This shift has fueled a significant rise in Mumbai's real estate market, with increasing property registrations and substantial revenue gains for the government.

Key Insights:

1. Rising Property Registrations:

• In July 2024, Mumbai saw 12,160 properties registered, up by 16% from 10,221 in July 2023. This uptick reflects a growing interest in acquiring real estate in the city.

• The registration of 11,673 properties in June 2024 generated approximately Rs 1,055 crore for the government, a 27% increase compared to the same period last year. This boost in revenue highlights the market's expansion and the city's appeal.

2. Shift Towards Larger Apartments:

• From January to July 2024, 84,653 properties were registered, bringing in Rs 6,929 crore, a 16% rise from 2023. On average, the city sees 12,093 property registrations monthly, contributing Rs 987 crore in revenue.

• The demand for larger living spaces is evident, with 49% of registrations for apartments between 500-1,000 square feet and 33% for those up to 500 square feet. This indicates a growing preference for more spacious homes, offering comfort and luxury.

3. Market Trends and Buyer Sentiment:

• The central suburban area of Mumbai has experienced a rise in new property registrations, while the western suburban area has seen a decline. This trend suggests a shift in buyer preferences and investment patterns within the city.

• Despite rising property prices, buyer enthusiasm remains strong. Stable interest rates and a robust real estate market contribute to sustained interest in purchasing homes.

Conclusion: Mumbai's real estate market is thriving, driven by the demand for larger homes and increased property registrations. This trend is not only boosting the market but also significantly increasing government revenue, making it a key area of economic growth.

-Source: newswaker