Mumbai Property Watch! Realty Projects Get Boost, as MahaRERA confirms Numerous Property Registrations as of May 2023

Real Estate is thriving in Mumbai, more than ever before. Alongside the rapid development in infrastructure projects initiated by the Government, such as; Mumbai Trans-Harbour Link Project, Coastal Road, Santacruz-Chembur Link Road, and Mumbai Metro Line 3, the city is hoping for a new lifeline to support office-goers and commuters. The vision is basically to reduce travel time and bring different localities closer. As per a news article, in May 2023, Mumbai saw an upscale of property registrations reaching a figure of 9,542 units. The city welcomed a whooping Rs. 811 crores worth of income, which led to an increase of 12% YoY. From the total properties registered, 16% fell under the non-residential segment and 84% were from the residential bucket. Each day in May 2023, booked around 308 units on paper, which is recorded as one of the highest listings in the past 10 years.

As per the policy makers, a surge in stamp duty charges was collected in 2023 and here’s a table indicating the same:

Though the stamp duty rates increased marginally, it is noteworthy to mention that home seekers continued their search for the perfect apartment for Sale in Mumbai, thereby fuelling demand. A ray of positivity and hope for developers and construction companies thereby drives them to continue exploring newer projects, to stay ahead of competition in the residential housing market.

Further study into the market dynamics tells us that, since September 2020, when stamp duty rebate was introduced, the demand for housing took a sharp point upward, and the buyer’s attitude saw a willingness to pay a premium amount towards larger homes and more luxurious apartments for sale in Mumbai. Even home loans became more accessible, giving further impetus to lure urbanites to confidently submit down payment & book an apartment at well-known addresses within the city.

Evaluating the purchase preferences, we would like to summarize all the insights by means of the following tables;

As we can see from the above stats, apartments between 500-1,000 sq. ft. were the most preferred choice amongst home seekers, accounting to 41% share of total home search demand. This means the range of 500 – 1000 sq. ft. flats are affordable to most middle-class families, even if it means stretching the budget by a little margin to seek a more spaciousness and comfort in living. The closest contender are the homes up to 500 sq. ft. which are usually in the range of 1 bedroom apartment for sale in Mumbai. The demand for these flats are mostly by working professionals and nuclear families.

Price Range Preference for Home Buyers

Most buyers fall under the 1 crore category, followed by those who can afford homes up to 2.5 crores. Disposable income in hands of public is increasing and residential properties are upgrading its offerings by giving home buyers their money’s worth. All new developments come with modern amenities which include; outdoor garden spaces, gymnasium, swimming pool, car parking spots, and 24*7 security surveillance, to provide comfort and convenience for an improved standard of living.