*Data for October 2024 is up to the 29th of the month.
Key Observations:
- Consistent Registrations: The number of property registrations remained relatively stable throughout the year, with a slight dip in February and September, possibly due to seasonal factors.
- Revenue Growth: October 2024 saw a significant increase in revenue, reaching INR 1,081 crores, a 52% rise compared to the same period last year.
- Festive Season Impact: The surge in October registrations and revenue is attributed to the festive season, with both Dussehra and Diwali falling in the same month, traditionally considered auspicious for property purchases.
Factors Contributing to Market Buoyancy:
1. Economic Resilience: Mumbai's robust economic fundamentals and infrastructure developments have sustained investor confidence, leading to consistent demand in the real estate sector.
2. Preference for Premium Properties: The increase in average property values suggests a growing preference for premium and luxury properties among buyers.
3. Government Initiatives: Policies aimed at promoting affordable housing and infrastructure development have positively influenced the real estate market.
In conclusion, the real estate market in Mumbai has demonstrated significant buoyancy over the past year, with notable increases in property registrations and revenue. This trend reflects strong buyer confidence and a thriving real estate sector in the region.