Mumbai real estate hits 12-year high with 11,742 property registrations in February 2024

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.