Experts suggest that the dip in registrations from October may reflect a brief market pause following the heightened activity in the previous month, which was also influenced by state elections.

Rising Demand for Premium Properties
Notably, there has been a surge in demand for high-value properties. Properties priced at ₹2 crore and above accounted for 23% of all registrations in November 2024, up from 17% in the previous year. This amounted to 2,147 premium properties being registered. In contrast, the share of properties valued under ₹50 lakh dropped significantly, from 28% in November 2023 to 20% in November 2024, as per Knight Frank India’s analysis.

Industry Reactions
Real estate leaders have commented on the latest data and what it signifies for Mumbai’s property market:

Prashant Sharma, President of NAREDCO Maharashtra, remarked, “The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections highlight the resilience of Mumbai’s real estate market. The increased demand for properties priced at ₹2 crore and above showcases the growing strength of the premium segment. This trend underscores the importance of creating a conducive environment for high-value housing investments through supportive policies and infrastructure development.”

Anil Mutha, Chief Visionary & Co-Founder of Nandivardhan Group, said, “The November registration data signals a shift in buyer sentiment toward higher-value homes. The surge in demand for properties priced at ₹2 crore and above reflects the evolving demographics of Mumbai’s affluent buyers. We’ve seen similar trends in our projects, where buyers are seeking premium properties that promise long-term value, lifestyle enhancement, and appreciation.”

Rohan Khatau, Director of CCI Projects, added, “The increase in registrations for properties above ₹2 crore indicates strong demand for quality housing. While the decline in affordable housing registrations is concerning, it highlights the need for continued efforts to address affordability and expand housing access.”

Shraddha Kedia-Agarwal, Director of Transcon Developers, commented, “The surge in high-value property demand shows a growing confidence in the market. We are focused on delivering projects that align with these emerging trends, ensuring a blend of luxury and sustainability. This data emphasizes the importance of strategic initiatives to maintain market momentum.”

Samyak Jain, Director of Siddha Group, stated, “The year-on-year growth in registrations and the demand for luxury properties are encouraging signs for Mumbai’s real estate market. We see this as validation of our efforts to deliver high-quality homes that meet the aspirations of today’s buyers. However, the decline in affordable housing calls for renewed focus on addressing housing affordability.”

Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty, observed, “The rise in stamp duty collections despite a slight dip in registrations from October indicates sustained demand for higher-value transactions. Developers must focus on creating projects that meet buyers’ evolving needs while contributing to the city’s sustainable growth.”

Vedanshu Kedia, Director of Prescon Group, noted, “The strong demand for premium housing reflects a more mature market where homebuyers prioritize value over price. This trend presents an opportunity for developers to innovate and offer solutions that cater to discerning buyers. Government initiatives aimed at boosting real estate growth and infrastructure are crucial for maintaining this positive trajectory.”

Abhishek Jain, COO of Satellite Developers Private Limited, commented, “Mumbai’s real estate market continues to evolve with an increasing demand for premium properties. This positive sentiment, particularly in the post-pandemic era, indicates that buyers are seeking homes that align with their enhanced lifestyle needs. We remain committed to meeting this demand through projects that set new standards in quality and customer satisfaction.”

The Premium Segment’s Growth
The increase in registrations for higher-value properties signals a shift in buyer preferences toward luxury and quality housing, reinforcing Mumbai’s status as a global financial hub. The trend toward premium homes, along with the rise in stamp duty collections, highlights the growing aspiration of homebuyers seeking homes that offer long-term value and a better lifestyle. However, the decline in affordable housing registrations suggests that there is still a need for policies and initiatives focused on improving housing affordability in the city.

Also Read:Mumbai’s Real Estate Boom: A Developer’s Perspective on Rising Property Registrations

The post Mumbai Property Registrations Rise 5% in November 2024; Surge in Demand for Premium Properties appeared first on Square Feat India.

Despite a slight decline in overall unit sales by 3%, the total sales value has surged by 18%, underscoring a growing demand for luxury homes. In H1 FY2025, approximately 2,27,400 units worth INR 2.79 lakh crore were sold, compared to 2,35,200 units valued at INR 2.36 lakh crore in H1 FY2024.

NCR Leads the Growth

The National Capital Region (NCR) saw the highest growth in average ticket size, up by 56%, from INR 93 lakh in H1 FY2024 to over INR 1.45 crore in H1 FY2025. In this period, NCR sold 32,120 units worth INR 46,611 crore, compared to 32,315 units worth INR 30,154 crore in the previous year. While the number of units sold remained almost the same, the sales value saw a sharp 55% increase.

Steady Growth Across Other Cities

Bengaluru witnessed a 44% jump in average ticket size, from INR 84 lakh in H1 FY2024 to INR 1.21 crore in H1 FY2025. The city saw approximately 31,381 units sold, with a total sales value of INR 37,863 crore, compared to 31,440 units worth INR 26,274 crore in the same period last year.

Hyderabad also saw a significant rise, with the average ticket size increasing by 37% from INR 84 lakh to INR 1.15 crore. The city’s total sales value rose from INR 25,059 crore in H1 FY2024 to INR 31,993 crore in H1 FY2025, although unit sales slightly dropped from 29,940 to 27,820 units.

Chennai and Pune also experienced growth, with average ticket sizes rising by 31% and 29%, respectively. In Chennai, the average price increased from INR 72 lakh to INR 95 lakh, while in Pune, it rose from INR 66 lakh to INR 85 lakh. Both cities saw a dip in the number of units sold, but the sales value remained higher compared to the previous year.

Mumbai Remains Stable

Mumbai, which traditionally sees some of the highest property prices, reported no change in the average ticket size, which remained steady at INR 1.47 crore. The city saw an increase in sales value, from INR 1.12 lakh crore in H1 FY2024 to INR 1.14 lakh crore in H1 FY2025, with unit sales growing marginally from 76,410 to 77,735 units.

Kolkata Sees a Dip in Sales

In contrast to other cities, Kolkata experienced a modest 16% rise in the average ticket size, from INR 53 lakh to INR 61 lakh. However, the number of units sold fell sharply from 11,095 to 8,620, and the total sales value decreased from INR 5,851 crore to INR 5,265 crore.

Conclusion: A Shift Toward Luxury Homes

ANAROCK’s Chairman, Anuj Puri, commented, “The trend toward luxury homes continues to dominate the market, as evident from the rising ticket sizes across major cities. While the overall number of units sold has seen a slight dip, the total sales value has reached new heights, driven by the growing demand for high-end residential properties.”

The data highlights a continuing shift in India’s real estate market toward larger and more expensive homes, driven by post-pandemic demand and an increasingly affluent buyer base. As cities continue to recover from the pandemic’s impact, the luxury housing segment is poised for sustained growth.

Also Read: Lifestyle Amenities Redefine Luxury in Delhi-NCR’s Real Estate Market

The post Luxury Home Sales Surge in India’s Top Cities: Average Ticket Size Rises by 23% in H1 FY25 appeared first on Square Feat India.

Top Cities Lead the Charge

The market remains heavily influenced by the top eight cities, which together accounted for 77% of total sales and a commanding 85% of the quarterly sales value. The Mumbai Metropolitan Region (MMR) emerged as a frontrunner, contributing 24% of national sales and 27% of the sales value, with Pune following closely behind with 22,546 units sold.

Segment-wise Insights

The segment priced between ₹50 lakhs and ₹1 crore showcased the highest growth, with a 9% increase in sales quarter-over-quarter (QoQ) and a notable 10% rise in sales value. Conversely, the ultra-luxury segment experienced stagnation in the top eight cities. The ₹1 crore to ₹2 crore segment also saw moderate growth, with a 3% increase in sales QoQ and a 5% rise in sales value.

New Launches and Affordable Housing

New launches across Pan India fell by 3% this quarter. However, the less than ₹30 lakhs segment bucked the trend with an impressive 28% surge in new launches, highlighting a growing appetite for affordable housing. This positive shift is particularly pronounced in the top eight cities, where new launches in the less than ₹30 lakhs segment increased by 36%.

Tier 2 Cities Performance

Tier 2 cities experienced a mixed bag of results. While most segments saw declines in sales, the ₹1 crore to ₹2 crore segment stood out with an 8% QoQ growth. The 50 lakhs to ₹1 crore segment saw the most substantial increase in new supply, up by 21%.

Price Trends and Market Sentiment

The overall residential market witnessed a 5.71% year-over-year (YoY) price increase from June 2023 to June 2024. Noteworthy price hikes were observed in Noida and Greater Noida with a 17% YoY increase, and Ghaziabad with a 14.3% rise. Navi Mumbai saw an 8% increase in prices. Despite a broad price growth, 45% of apartment projects experienced a modest 0% to 5% increase, while 35% saw a more substantial rise of 5% to 10% YoY.

Unsold Stock and Market Dynamics

The unsold supply across Pan India decreased slightly by 0.5%, with a monthly inventory overhang of 20 months. In the top eight cities, unsold stock remained steady, maintaining a 21-month overhang, while Tier 2 cities saw a 3% reduction in unsold stock, with a monthly overhang of 16 months. The MMR region continues to hold the highest proportion of unsold inventory, comprising 30% of Pan India’s total stock and a 25-month inventory overhang.

Conclusion

The Q1 FY 25 performance of the Pan India residential market highlights a sector in transition, with notable growth in affordable housing and varying trends across different regions and segments. As the market adapts to shifting demands and economic conditions, these trends provide a mixed but optimistic outlook for future quarters.

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