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YUGEN REALTY, SURAT
Mumbai city (area under BMC jurisdiction) is expected to register over 11,802 units of property in May 2024, adding INR 1,010 crore (Cr) to the state exchequer for the month of May 2024. Property registrations are up 20% year-on-year (YoY), with revenue from property registrations expected to grow 21% YoY, compared to the same time last year.
The continued confidence of homebuyers in Mumbai has kept up the pace of property sales with Mumbai’s property registrations consistently crossing the 10,000 mark in the first five months of the year. Also noteworthy is the fact that the market has seen consistent year-on-year growth in enrollments for ten consecutive months since August 2023. Of the total registered properties in May 2024, residential units accounted for 80%.
In the first five months of this year, the total number of properties registered was 60,622 which is 16% higher than the same period in 2023, when 52,173 properties were registered. This upward trend supports the continuous upward trend of property registrations in the city, especially in high value as shown by the fact that up to 50% of registered residential properties are priced above INR 1 crore. Additionally, nearly 21% of properties registered in May 2024 were priced above Rs 2 crore.
In May 2024, there was a significant increase in apartment registrations between 500 sq ft and 1,000 sq ft, accounting for 51% of all property registrations. In contrast, apartments up to 500 square feet accounted for 33% of registrations. Apartments of 1,000 square feet and above comprise only 15% of total registrations, maintaining its status quo from February 2024.
Of the total registered properties, the central and western suburbs together constitute more than 75% as these locations are hotbeds for new launches offering a wide range of modern amenities and good connectivity. 85% of western suburban consumers and 93% of central suburban consumers prefer to shop at their micro market. This choice is influenced by location familiarity, along with the availability of products that align with their price and feature preferences. Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The consistent year-on-year growth in property sales and registrations provides continuity to the growth story that has been fueled by the state government’s incentives and since then, the increase in average prices across the city, of properties. Sales and registrations have maintained momentum. This reflects market appetite as well as buyer confidence in the country’s economic fundamentals. This positive trend is expected to continue with strong economic growth and a favorable interest rate environment creating an encouraging environment for potential buyers.”
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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
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