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According to a report published by real estate consultant Knight Frank India, 1,21,850 properties in Mumbai's BMC region were registered in 2022, indicating a 9 percent YoY growth from 1,11,913 units registered in the previous year. Of the properties registered, over 86 per cent are said to be residential properties. Post pandemic, the real estate industry has bounced back in increased vigour with the year 2022 clocking in maximum registrations compared to the preceding ten years. These registrations have been supported by solid demand, consistent income, and positive economic growth despite the absence of any government incentives and the presence of headwinds.
Mumbai City fared well with over 1.2 lac property registrations and revenue collections amounting to Rs 8,800 crores in the form of stamp duty and registration frees. The report suggests that 9,182 real estate transactions in took place in December 2022 alone. The Central Suburb and Western Suburb clocked in the highest percentage of property registrations under INR 5 Cr while the majority transactions exceeding INR 5 Cr were registered in Central and South Mumbai.
Experts at Knight Frank India believe that two reasons seem to have catapulted demand in the last year; the first being an altered mindset regarding home buying that has persisted since the pandemic and the second being the economic expansion witnessed by the country at large that produced additional money and financial stability.
The most popular type of apartment for homebuyers in 2022 with a share of 47% was one between 500 and 1,000 square feet. The share of apartments under 500 square feet increased from 34% in 2021 to 37% in 2022. More than 1000 square feet had a share of 16% in 2022. In 2021 and 2022 the spending habits of homebuyers remain consistent.
With 46% of the total residential property registrations in December 2022, buyers between the ages of 31 and 45 make up the greatest percentage of home buyers. 11% of house purchasers are under 30 years old and 31% of buyers are in the 46 to 60 years age range. The share of customers who were over 60 years old was 13% in December 2022.
Mahindra Lifespace Developers, Piramal Realty, Indiabulls Real Estate, Marcotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, D B Realty, Sunteck Realty and Runwal Group are some of the major real estate developers in the Mumbai Metropolitan Region's primary market. Bengaluru based companies Puravankara Ltd. and Prestige Estates have expanded into the Mumbai market.
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