Mumbai's property market surged in January 2024, recording the highest number of registrations in any January month in the past 12 years, according to data released by Knight Frank India. Around 10,900 properties were registered, generating Rs 746 crore in revenue for the state government.
This represents a 21% year-on-year (YoY) increase in registrations and an 8% YoY growth in revenue compared to January 2023. The previous peak was fueled by optimism and pent-up demand as the pandemic's impact subsided, TOI reported.
Residential Segment Leads the Charge:
Residential units dominated registrations, accounting for 80% of the total, while non-residential assets comprised the remaining 20%. Notably, apartments measuring 500-1,000 sq ft maintained their dominance, but there was a shift towards smaller units.
Smaller Apartments Gain Traction:
The share of apartments measuring 500 sq ft and below jumped from 35% in January 2023 to 48% this year, while the segment of 500-1,000 sq ft units declined from 48% to 43%. This suggests a potential shift in buyer preference towards more affordable options.
Key Takeaways:
- Mumbai's property market witnessed a significant surge in January 2024, with registrations reaching a 12-year high.
- Residential units drove the growth, with smaller apartments gaining traction.
- The trend suggests a potential shift in buyer preferences towards affordability.