In February, property registration in Mumbai, the largest real estate market in the country, surged to its highest level in 12 years. This bustling metropolis, home to over 17.5 million residents and witnessing nearly 1.54 lakh home sales annually, is experiencing a notable upswing. Experts attribute this growth not only to increased demand from buyers but also to extensive infrastructure development in and around the city.
During February, some 11,742 properties were registered in Mumbai - 21% higher than the 9,684 units that were registered in the same month in 2023. The number is also 7% higher than the number of properties registered in January this year. 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.
According to Prashant Sharma, President, NAREDCO Maharashtra, 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,” he says.