Photo Source: ANI
March saw highest ever property registration in Mumbai, ahead of hike in reckoner rates from April 2025
Mumbai (Maharashtra), April 2, 2025 (ANI): The Mumbai real estate market saw a notable surge in housing registrations in March 2025, with the number of unit registrations up by 10 percent year-on-year (YoY) to 15,501 units. The total value of registered properties also spiked by 42 percent YoY, to Rs 265 billion.
According to a research report by Nuvama, higher registrations were done because reckoner rates are going to increase by 3.4 percent in Mumbai and 3.9 percent for Maharashtra from this month (April 2025).
This growth is attributed to advance purchases by consumers ahead of the expected hike in ready reckoner rates, set to take effect from the current month (April 2025).
According to the report, about 80 percent of the registrations during the month were of residential properties.
Registrations of units below 500 sft fell by 38 percent in March from 48 percent (YoY), while units between 500-1000 sft increased to 48 percent from 43 percent (YoY). Units over 1000 sft increased to 14 percent from 9 percent in March 2024.
The report highlighted that the overall market performance in FY25 was exceptional, with registrations reaching an all-time high. The number of units registered surged 9 percent yearly, while the value saw a 22 percent YoY increase, totaling Rs 2.2 trillion.
In Maharashtra, the increase was even more pronounced, with March registrations climbing 11 percent YoY and 30 percent month-on-month (MoM) to 185,071 units.
A rise in the average ticket size, up 29 percent YoY to Rs 17.1 million, also reflected a shift in buyer behavior, with higher-priced units dominating the market. Notably, properties priced above Rs 20 million saw a 19 percent share in registrations, up from 16 percent a year ago.
Suburbs in central and western Mumbai dominated sales, accounting for 78 percent of the total registrations, with central suburbs seeing an increase in their market share.The market's buoyancy was further driven by a robust launch pipeline and a cut in mortgage rates, indicating a healthy outlook for the city's housing sector.
Organized developers, including major players like Lodha, Oberoi, Godrej Properties, Sunteck, and Rustomjee, are expected to benefit from this trend, the report added. (ANI)