During September, just over 9,000 properties were registered in Mumbai, reflecting a decline both year-on-year and compared to the previous month. The inauspicious shraadh period affected buying sentiment, leading customers to steer clear of significant purchases.
This year's shraadh period began on September 18 and concludes this week on October 3. This marks the first time since November 2023 that property registrations in the city have fallen below 10,000. With the exception of January, registrations have consistently exceeded 11,000 units this year, with residential properties making up 80% of the total.
In August, property registrations totaled 11,631 units, whereas September 2023 recorded 10,694 units.
However, when looking at the cumulative data for the first nine months of the year, registrations show a 12 percent increase compared to last year, exceeding 100,000 units.
Property consultant Knight Frank India noted that over 40 percent of transactions involved high-value properties priced at ₹1 crore and above. This trend has persisted for the past two years, with demand for premium homes surpassing that for mid-income residences.
More than half of the demand was for homes ranging from 500 to 1,000 square feet, although there was a noticeable rise in interest for properties between 1,000 and 2,000 square feet.
A prominent real estate broker in Mumbai noted that many potential homebuyers and investors are holding off on purchases due to high home prices in most city suburbs and diminishing affordability. This trend reflects a cautious approach among buyers in the current market.
According to a report published last week by Anarock, residential real estate prices across India have surged by as much as 37 percent from the July-September quarter of 2022 to the same period in 2024.
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