Cyrus Mody, Founder & Managing Partner, Viceroy Properties on the Mumbai Home Sales Registeration Data said, “The dynamics of real estate in Mumbai have phenomenally evolved in the new normal, especially in the luxury segment. Homebuyers have become location agnostic when it comes to housing demand and is looking for all-inclusive amenities and privacy over prominent locations and popular pin codes. The Westerns Suburbs have in recent months seen large volumes of launches as a response to the robust demand. Buyers have understood the importance of larger and well-planned spaces and are reconsidering their priorities. We expect this sentiment to persist as home buying sentiment in the luxury segment continues to piggyback on the sensibilities of upgrading to a bigger and better home, particularly in newer micro-markets emerging as a result of the infrastructure boost.”
Ram Raheja, Managing Director at S Raheja Realty on the “April Stamp Duty Registration stated, “It’s no surprise that home registrations have yet again hit a decadal high. The demand for homes is witnessing phenomenal growth as the shift in perception post-pandemic has become integral to the city’s fabric. Mumbai residents still have a strong desire to own a home, despite increases in loan rates, stamp duty, and market costs. Over 318,000 units, have been registered since the introduction of the stamp duty stimulant in September 2020. The trend has so far continued despite the historic high stamp duty rate of 6%. Between April 2022 and April 2023, 128,427 properties were registered in Mumbai, making up almost 16% of all properties registered over the previous ten years. The micro-market evaluation indicates that 91% of those living in western suburbs has bought a home in the same location. This indicates the importance and need for quality and swift redevelopment. ”
On Mumbai Stamp Duty data Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd commented, “We are witnessing a broad-based demand for most residential pricing categories. The recent rate pause by RBI has been a catalyst in maintaining the demand economics. The strong demand for real estate is backed by the need to upgrade to a bigger and better living space. The housing demand has steadily picked up in micro-markets of the western suburbs due to the commissioning of new transit infra projects. The momentum is expected to continue to attract the attention of homebuyers owing to the connectivity boost and nearly 5,000 redevelopment projects in Mumbai alone. We foresee a strong demand coming for the mid-segment homes ranging above Rs 2 crore are of growing preference amongst families in the financial capital.”
