Real estate trends

The real estate market in Mumbai is often compared to a rocket launched in satellite, demonstrating an upward trajectory that never reverses. Particularly in high end luxury neighbourhoods, residential real estate is becoming increasingly costly. It's anticipated that by 2025, the average price of a residential property in Mumbai will skyrocket to an astonishing INR 125,000 per square foot.

Mumbai is known as the financial capital because it has a booming real estate industry that generates a significant amount of money. Mumbai's real estate market has become a hub of activity, providing opportunities for investors from across India to maximize their business potential.

REVENUE SURGE

In Mumbai's ongoing real estate tale, fresh chapters emerge annually, coinciding with the expanding scale of the city's property landscape. Various reports have highlighted significant trends, including a substantial 14% surge in stamp duty revenue, which soared to ₹827 crore of revenue as of May 2023.

In addition ,Mumbai saw a total of 9,542 property registrations, with 84% being residential and 16% non-residential transactions.

MONEY GAME

In essence, property purchases are inherently linked to household income and spending capacity. Given the recent increase in per capita income in India over the past few decades, it's evident that the demand for real estate has shifted accordingly. Currently, apartments ranging from 500 to 1,000 sq/ ft. are in high demand, commanding a substantial 41% market share. Meanwhile, homes below 500 sq/ft make up 35% of the sales, with properties exceeding 1,000 sq/ft capturing a 24% share as of May 2023.

DEMOGRAPHICS

Examining the buyer demographics, it's clear that individuals aged 31 to 45 constitute the largest segment, accounting for 44% of all residential property registrations. This age group represents a significant portion of the real estate market, characterized by various aspirations and dreams.

Additionally, around 10% of homebuyers fall within the age range of 25 to 30 years, infusing a youthful energy into the overall real estate landscape. Meanwhile, individuals aged 46 to 60, with their wealth of experience, constitute a substantial 33% of this diverse group. Collectively, these age groups contribute to the diverse real estate environment in Mumbai, shaping its unique character and appeal.

These trends imply that Mumbai real estate has a long journey to cover. From being a collection of seven mountains to becoming an economic powerhouse for the nation. The journey of this city is truly remarkable and its development has positively impacted the entire nation with a great promising future, showcasing a vibrant and ever-evolving real estate landscape.