 "Mumbai records 21% jump in home registration revenue in August: Anarock")
With a total of 10,455 homes, Mumbai recorded a 21 per cent jump in revenue from property registrations to Rs 776 crore in August, data released by real estate consultancy Anarock on Thursday showed.
This is the third consecutive month of over 10,000 property registrations in the city.
The trends indicate that homebuying activity in Mumbai is skewed towards the high-end and ultra-luxury segment.
"The high-end segment probably comprises homebuyers looking to upgrade or are pushed here due to a rise in property prices. The ultra-luxury segment includes high net worth individuals (HNIs) and ultra HNIs looking to close favourable deals by utilising the gains made through other investment avenues, primarily the booming stock markets," Anarock said.
On the launches front, homes ranging from 500 to 1,000 sq ft dominated with the highest share of 51 per cent for the period of April to June 2023. However, this has declined from 61 per cent last year.
Anuj Puri, chairman at Anarock Group, said, "Properties sized less than 500 sq ft accounted for an additional 35 per cent of total launches in April to June 2023, a significant rise from 27 per cent in April to June 2022. This trend indicates that with the rise in property prices, homebuyers are now again looking for smaller units to manage their overall budget."
"Analysing the new unit launches in Mumbai for the period of April to June 2023, it was evident that the Rs 80 lakh to Rs 1.5 crore segment saw the highest activity, constituting 43 per cent of the total launches. This segment's share has increased rapidly from 36 per cent in April to June 2022," he added.
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Additionally, the Rs 1.5 crore to Rs 2.5 crore segment accounted for 27 per cent of the total new launches from April to June 2023, declining from 35 per cent in the previous quarter.
On the other hand, properties priced above Rs 2.5 crore accounted for 21 per cent of the total new launches from April to June 2023, indicating a rise from 16 per cent in the April to June 2022 quarter.
According to the regions, the highest number of launches was recorded in the Western region at 55 per cent, a significant increase from the 32 per cent share last year.
"The operationalisation of the second phase of two metro lines seems to have benefited the real estate activity in this region," Anarock said.
On the contrary, the share of the Eastern region declined to 38 per cent in April to June 2023, from 61 per cent in April to June 2022.
"This can be attributed to the delay in metro rail completion, restarting of a few delayed real estate projects, and large-scale launches during the past few years," the consultancy said.
The onset of the festive season, it added, is likely to boost homebuyer sentiments, and the next few months may witness heightened property registration activity.