Mumbai’s housing market encountered a remarkable increase in the number of housing units registered in Sept-23 as it reaches 10,694 units-the highest seen in the the month since last decade. The worldly known Ganesh festival is said to be reason for this surge according to a report published by Nuvama Institutional Equities. The document further highlights the value soaring to INR 188 billion which is an increase of 54% YoY and 39% MoM. Not only this, ticket size jumped to 24% YoY and 42% MoM to INR 17.6 million. Among the properties,82% were located in residential showing the strong inclination for housing. Luxury projects are gaining more popularity showing a notable shift in consumer preferences.
Though housing market showed resilience with 94,308 units registered but total value was at 18% YoY increase touching INR1.4 trillion.Overall factors like price hiking and increasing interest rates are the reason for the same.Higher ticket size units (above INR10 million) now constitute 57% of registrations in YTD CY23, up from 54% in CY22, 53% in CY21, and 49% in CY20.This concludes to a great deal of development in real estate sector in Mumbai.