In April 2024, Mumbai witnessed a remarkable spike in property registrations, marking the second-highest number in over a decade. According to CREDAI MCHI, this surge signals a burgeoning optimism towards property ownership, driven by the collaborative endeavors of the real estate body and the transformative influence of MahaRERA regulations.
Initiatives such as the CREDAI-MCHI Property Expo held in January have played a pivotal role in fueling this momentum, offering innovative incentives like zero stamp duty and registration fees.
The efficacy of CREDAI-MCHI's initiatives is evident in the unprecedented surge in property registrations in Mumbai.
April witnessed a staggering 11,500 registrations, marking the fourth consecutive month where registrations surpassed the 10,000 mark. Notably, there has been a discernible shift in property preferences, with a substantial increase in registrations for apartments under 500 sq ft, indicative of evolving consumer trends.
Furthermore, the surge in e-registrations in April 2024 can be attributed to the concerted efforts of CREDAI-MCHI in collaboration with the Department of Registration and Stamp.
Secretary of CREDAI-MCHI, Dhaval Ajmera said, “In the wake of MahaRERA's transformative influence, the surge in property registrations in Mumbai exemplifies the collaborative spirit between CREDAI-MCHI and regulatory authorities. Our concerted efforts, exemplified by initiatives like the CREDAI-MCHI Property Expo, have not only fueled this momentum but also underscored our commitment to innovation and consumer-centric solutions. As Secretary of CREDAI-MCHI, I'm proud to witness the tangible impact of our endeavors, paving the way for a vibrant and resilient real estate landscape in Maharashtra.”
The 31st edition of the CREDAI-MCHI Property Expo, themed "Zero is our Hero," attracted over 24,716 genuine homebuyers and more than 185 property bookings ranging from Rs. 60 lakhs to Rs. 10 crores, underscoring the robust demand in the market.
As Maharashtra's real estate regulatory act, MahaRERA, commemorates its seventh anniversary, it is essential to acknowledge its pivotal role in transforming the real estate sector. With over 45,000 real estate projects and 47,000 real estate agents registered under its purview, MahaRERA has significantly enhanced transparency, accountability, and consumer protection.
The collaborative efforts between MahaRERA and industry stakeholders like CREDAI-MCHI have been instrumental in ensuring a seamless transition and effective implementation of regulatory frameworks, thereby fostering a conducive environment for sustainable growth in Maharashtra's real estate sector.
