In February, property registrations in Mumbai, regarded as India’s premier real estate hub, surged to its peak of the last 12 years – underlining the robust demand for homeownership. The registration of 11,742 properties represented a 21% surge compared to February 2023 and a 7% increase from January this year. Experts attribute this rise to growing income levels and a positive attitude towards property ownership.
Prashant Sharma, President of National Real Estate Development Council (NAREDCO) Maharashtra, sees this trend as indicative of a resilient market supported by economic growth and increasing incomes. Infrastructure development has played a pivotal role, enhancing connectivity and expanding housing options.
Pritam Chivukula, Vice President of The Confederation of Real Estate Developers’ Associations of India- (CREDAI-MCHI), underscores how infrastructure development aligns with economic growth to create a vibrant housing market. Further, Himanshu Jain, VP of Satellite Developers, notes a shift towards suburban areas, driven by improved infrastructure and connectivity – indicating evolving market preferences towards compact, affordable homes.
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