A desirable destination for homebuyers

The consistent year-on-year increase in property sales sustains Mumbai’s realty growth story. Despite rising prices across the city, property sales have maintained their momentum.

The Mumbai real estate market continues to demonstrate remarkable resilience and growth, as evident by the substantial increase in property registrations and stamp duty collections in May 2024. An estimated 11,802 units were registered here, marking a 20% year-on-year (YOY) increase in the number of properties registered and a 21% increase in property registration revenues.

This momentum is particularly impressive considering the rise in average prices across the city. It re ects not only the strong appetite within the market but also the unwavering con dence buyers have in the country’s economic fundamentals.

Industry experts and stakeholders anticipate that this positive trend will continue, bolstering strong market con dence and economic stability. “With favourable interest rates, this positive trend is expected to continue, making it an exciting time for buyers and investors in Mumbai,” assumes Prashant Sharma, president, NAREDCO Maharashtra.

Also agrees Vedanshu Kedia, director, Prescon Group, “The ongoing upward trajectory in property sales and registrations, even amidst a rise in average property prices, re ects the strong appetite within the market and the unwavering con dence in the country’s economic bedrock.”

Amrita Gupta, director, Manglam Group & founder president, CREDAI Rajasthan Women’s Wing, observes that this positive trend creates an exciting atmosphere for potential buyers, building a win-win situation for both those seeking their dream home and investors looking for a stable market.

Gautam Saraf, MD, Mumbai and new business, Cushman & Wake eld, shares, “Mumbai is attracting signi cant interest in premier residential real estate, especially post-2021, with a surge in demand from PIOS, NRIS, and HNI buyers. He attributes to the city’s massive infrastructure upgrades, including a $30 billion investment in projects like the Mumbai Trans Harbour Link, Coastal Road, and new metro rail routes. These improvements are expected to enhance Mumbai’s global appeal, particularly during India’s dynamic economic and commercial real estate growth.

According to Saraf, regulatory changes allowing for increased FSI have also led to more developers from North and South

“In past two years, Mumbai has accounted for a quarter of all residential unit launches in the top eight realty markets nationwide, with about 75,000 to 77,000 units launched annually.” ______________________ GAUTAM SARAF MD, Mumbai and New Business, Cushman & Wakefield

India launching projects in the city. In the past two years, it has accounted for a quarter of all residential unit launches in the top eight real estate markets nationwide, with approximately 75,000 to 77,000 units launched annually. Additionally, institutional investors are exploring opportunities in multi-family development to provide serviced residences for senior corporate executives in the city. Demand also remains high due to the growth of Mumbai’s service economy and migrant population.

Anuj Puri, chairman, Anarock Group highlights several factors behind

Mumbai’s continuous property sales. “High demand for residential and commercial spaces, limited land availability driving urgency among buyers, government incentives such as reduced stamp duty, robust infrastructure projects boosting connectivity, and strong investor con dence,” enumerates Puri.

Amit Bhagat, CEO & MD, ASK Property Fund is of the view that this surge in property prices has been supported by in ation-linked growth, along with a continual uptick in transaction volumes and decline in unsold stock. He further

What kind of clientele that BHIVE currently caters to and what are their preferences?

BHIVE has a wide range of clientele, encompassing start-ups, large Indian corporates, mid-sized enterprises and MNCS. When it comes to client preferences, our clients prefer quality experience, good hospitality, locational advantages and overall o erings in terms of amenities.

What is your expansion plan? Beyond Bengaluru, what newer geographies do you plan to enter?

The rst 25 of our properties came up in Bengaluru and we have recently ventured beyond the city in 10 years of our journey. We have signed-up a large space in BKC Mumbai. We will continue to add more properties to Mumbai as well. As we go along, it is likely that we will establish our presence in other cities.

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says that the luxury property segment has seen a notable upswing in sales, which has signi cantly contributed to the price rise, especially over the past couple of years.

Bhagat adds that the region’s residential demand is in uenced by a number of factors, including strong economic growth in the region, rise in commercial stock, population growth, the emergence of new catchments in the periphery, and quality supply inside municipal boundaries being added by redevelopment model. He imperatively adds that there is a continuous decline in inventory overhang. The best part is that the apartment market is mostly focussed on end-users after 2017.

Also, Dr Niranjan Hiranandani, chairman, NAREDCO notes that the scarcity of land motives buyers to invest in real estate at the earliest opportunity, contributing to sustained sales growth.

As per Ayushi Ashar, director, Ashar Group & member of managing committee, MCHICREDAI, the demand for housing in the MMR remains high driven by a favourable interest rates and government incentives for the realty industry have made it easier for buyers to invest in property.

Additionally, Manju Yagnik, vice chairperson, Nahar Group & senior vice president, Naredco-maharashtra, too points out that auspicious occasions such as Gudi Padwa in April and Akshaya Tritiya in May further boosted sales.

Moreover, as Dr. Hiranandani concludes, the city’s vibrant culture, global entertainment options, and vibrant social community engagement also contribute to its reputation as a desirable destination for homebuyers, resulting in consistent sales.

“High demand for residential and commercial spaces, limited land availability, government incentives, robust infrastructure projects are factors behind Mumbai’s continuous property sales.” ______________________ ANUJ PURI Chairman, Anarock Group

leading realty developers implementing to address sustainability concerns and promote eco-friendly practices in their projects?

The Indian realty sector is experiencing a paradigm shift, with sustainability emerging as a driving force behind its growth. The integration of sustainable practices has given rise to the development of eco-friendly infrastructure in the sector. Developers are now implementing energy-efficient designs, green building materials, and renewable energy solutions to minimise the carbon footprint. Also, the government has introduced favourable policies and incentives. The implementation of the Indian Green Building Council’s LEED certification has become a benchmark for sustainable construction.