Mumbai realty market proved robust in April, with the highest number of property registrations during this month in more than ten years. Data released by Knight Frank India reported that 12,142 property registrations were done under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) boundaries for an increase of 4 per cent from April last year.
The data indicates a strong and increasing need for housing in India’s financial capital amid headwinds in global and domestic economies. The information also indicates a significant increase in the premium segment of housing.
Properties worth over Rs 2 crore contributed to 25 per cent of total registrations, from 22 per cent in April 2024. In contrast, affordable housing, which includes properties worth up to Rs 50 lakh, recorded a consistent proportion of 14 per cent, indicating stable demand across the price range.
Cozy homes, generally under 1,000 sq ft, continued to be the favourite among home buyers. Yet mid-range units between 1,000 and 2,000 sq ft had a steady 14 per cent market share, and those above 2,000 sq ft accounted for 3 per cent of the market, reflecting that aspirational buyers continue to look for sprawling living areas.
Real estate experts say the April surge underscores long-term structural strength in Mumbai’s housing market. Prashant Sharma, president of National Real Estate Development Council (NAREDCO) Maharashtra, said the numbers reflect a combination of factors: sustained end-user demand, proactive government policies, and a favourable lending environment. He noted that both affordable and premium housing segments have shown resilience, setting the tone for continued momentum.
The western and central suburbs of the city were the most sought-after options for homebuyers, collectively accounting for a whopping 85 per cent of the total registration volume. There was also a modest increase in buyers’ interest in central and south Mumbai, with new project launches and enhanced infrastructure attracting fresh interest.
Dhaval Ajmera, director, Ajmera Realty, described April as one of the best months in a decade. He attributed this to increasing buying power and an increased desire for lifestyle enhancements. “Micro-markets such as Versova, Borivali, and Ghatkopar are witnessing multi-fold growth,” he added.
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Amit Jain, CMD, Arkade Developers, perceived the 1.6 per cent year-on-year increase in stamp duty registrations as an indication of long-standing buyer optimism. “In spite of hurdles such as tight liquidity and external uncertainties, Mumbai property continues to shift from speculative to need-based purchasing, an indication of welcome maturity and stability in the market,” said Jain.
© The Indian Express Pvt Ltd
