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In Mumbai, a significant shift in property purchases has been observed, with over 56% of properties sold between January and October 2023 priced above Rs 1 crore. This trend is attributed to rising property prices and a substantial 250 basis point increase in the policy repo rate over the last two years. Properties below the Rs 1 crore threshold have been adversely affected by these changes. Conversely, registrations for properties valued at Rs 1 crore and above have shown relatively limited impact as they continue to show a consistent increase in their market share.
Throughout the ten months of 2023, Mumbai achieved a total registration count of 104,832 units. Among these, 46,126 units were priced below Rs 1 crore, while 58,706 properties were above this threshold. This data, analyzed by property consulting firm Knight Frank, highlights the prominence of higher-value properties in the Mumbai Metropolitan Region.
In October alone, Mumbai city, under BMC jurisdiction, recorded an estimated 10,523 property registrations, contributing to a revenue of Rs 831 crore for the state government. This represents a 25% surge in registrations and a 15% growth in revenue compared to the previous year. Of the overall registered properties, residential units constitute 80%, with the remaining 20% representing non-residential assets.
The Central and Western Suburbs of Mumbai have witnessed a surge in property launches due to strong demand. These localities are well-connected and are expected to be linked further through upcoming metro networks, enhancing the appeal of properties in these areas. Notably, approximately 74% of buyers in Western suburbs and 81% of those in Central suburbs prefer to make purchases within their respective micro-markets. This preference is influenced by location familiarity and the availability of products aligning with pricing and feature preferences.
This transformation in the Mumbai property market not only underscores the city's real estate strength but also highlights the changing preferences of buyers, emphasizing a growing demand for higher-value properties with desired features and amenities.
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