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Maharashtra's property market is thriving, with a notable increase in registrations and revenue in the first quarter of FY 2024-25. Despite unchanged ready reckoner (RR) rates, registrations rose slightly from 3.34 lakh in April 2023 to 3.35 lakh in April 2024, while revenue surged from INR 2,876.40 crore to INR 3,767.12 crore. This upward trend continued in May and June, driven by stable RR rates and higher average transaction values. Analysts credit the surge to increased demand for luxury properties. Data from Anarock indicates a 21% share for luxury homes in 2024, up from 4% in 2019, reflecting shifting buyer preferences.
Maharashtra's property market continues to show positive signs with a rise in registrations and revenue in the first quarter (April-June) of the current financial year (2024-25). This growth comes despite no changes in ready reckoner (RR) rates,which are used to determine stamp duty on property transactions in the state. Advertisement
Compared to the same period last year, property registrations in Maharashtra saw a slight increase. In April 2024,registrations reached 3.35 lakh, a marginal rise from 3.34 lakh in April 2023. However, revenue jumped significantly,from INR 2,876.40 crore to INR 3,767.12 crore, reflecting a rise in average transaction value. This trend continued in May, with registrations reaching 3.80 lakh and revenue exceeding INR 4,375 crore, up from 3.44 lakh registrations and INR 3,440.16 crore in May 2023. The first half of June 2024 also saw positive signs, with nearly 2 lakh registrations and revenue exceeding INR 2,032 crore.
Analysts attribute this growth to a combination of factors. Stable RR rates, unchanged since the 2020-21 financial year due to the pandemic, have provided a sense of predictability for buyers and sellers. This stability, coupled with a potential increase in average property values, could explain the significant rise in revenue despite a slight increase in registrations.Additionally, the recent increase in registrations suggests a shift in buyer behavior towards higher-value properties.Reports indicate a surge in demand for premium housing across the state.
Data from property consultant Anarock reveals a significant increase in the luxury segment. In the first quarter of 2024,luxury homes priced over INR 1.5 crore accounted for 27,070 units, or 21% of all units sold in the top seven cities of Maharashtra (Pune, Mumbai, Nagpur, Nashik, Thane, Aurangabad, and Navi Mumbai). This is a stark contrast to the first quarter of 2019, where affordable housing dominated with a 37% share (approximately 48,624 units sold), while luxury held only a 4% share (around 5,206 units sold).
This growth in registrations and revenue underscores the strength of Maharashtra's real estate market. Despite stable prices, buyer confidence remains strong, suggesting a healthy investment environment. The rising demand for luxury properties reflects a shift in buyer aspirations towards larger, higher-priced spaces.
The future for Maharashtra's real estate market appears promising. Continued stability in RR rates, coupled with a focus on meeting evolving buyer preferences, will be key to sustaining this growth.
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