Mumbai real estate market records 9% rise in property registrations this month

Also read: Mumbai property registrations rise 8% in March; ready reckoner rates unchanged for FY25

GenZ, millennials majority homebuyers 

According to the Knight Frank India, most property buyers in April 2024 were millennials or individuals aged 28-43, accounting for 37 percent of the total share. Following closely behind were individuals from Generation X, aged 44-59, constituting 36 percent of the buyers.

Further, 6 percent of homebuyers were GenZ below 28 years of age and 18 percent homebuyers were in the age group of 60 to 78.

“The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged 9 percent over the previous year, highlighting the market's attractiveness to potential homebuyers," said Shishir Baijal, chairman and managing director of Knight Frank India.

Also read: Why Buy Now, Pay Later is making a comeback in the Mumbai real estate market?

Highest stamp duty collections

In April 2024, Mumbai real estate market experienced the second-highest number of property registrations for the month of April in over 12 years, alongside its highest April stamp duty collection within that timeframe. This surge can be attributed to increasing income levels and a positive attitude towards homeownership, according to Knight Frank India.

Out of the total properties registered, central and western suburbs together constituted over 73 percent of the property registrations as these locations are the hotbeds for new launches offering a wide range of modern amenities and good connectivity.