Share of property registrations by Mumbai's senior citizens up by 200% after Covid-19: Report

Mumbai real estate: Property registrations by senior citizens in Mumbai likely to surpass the 23,000-mark in 2024 maintaining a 18% market share

The share of property registrations by homebuyers aged more than 61 years has increased by 204%, from 7,554 in 2020 to 15,276 in 2024, with senior citizens being more inclined to upgrade to bigger homes after the pandemic, a recent study on property registration trends in Mumbai (MMR) by Knight Frank India has shown.

The share of property registrations by homebuyers aged more than 61 years has increased by 204%, from 7,554 in 2020 to 15,276 in 2024, with senior citizens being more inclined to upgrade to bigger homes after the pandemic(Pixabay)

The proportion of registrations among this age group increased from 12% in 2020 to 18% in 2023. In 2023, a total of 22,849 senior citizens registered their property purchases, whereas, in 2024 till July, this number was recorded at 15,276. Further, by the end of 2024 property registrations by senior citizens is expected to surpass the 23,000-mark maintaining an 18% market share.

During the first seven months of the year 2024 (January to July 2024) – out of the total 84,866 property registrations across age groups in the city, about 18% which accounts for 15,276 properties, has been registered by this age category. 

According to the analysis from Knight Frank India, the 61 years and above age cohort has seen the most prolific growth in market share of sales among all other age brackets. The overall property registrations for this age cohort have increased from 12% in 2020 to 18% in 2023.

Traditionally, the older generation has favored a stable lifestyle, often choosing to own an apartment rather than rent one. However, following the COVID-19 pandemic, there has been an increased inclination among senior citizens to upgrade, the report said.

The desire to bring the entire family together under one roof and the need for better lifestyle-oriented spaces have resulted in increased share of property registrations in this age group as they preferred moving in larger apartments, it observed.

Property registrations by buyers in the age group of 30 to 45 years witnesses a decline of almost 40%

For the mentioned period, the contributions have remained consistent for the two age groups: 18-29 years at 9% and for 45-60 years at 33%. The age group with highest attribution towards property registrations, 30 to 45 years, has witnessed a decline in its share from 48% in 2020 to 40% as of July 31, 2024.

“The shift in the mindset of home buyers initiated by the pandemic of 2020 has led buyers to seek larger and better living conditions. For many seniors in the city, the pandemic meant reunion with their children necessitated by trends of work from home which further influenced decisions to buy larger homes. An increased share of buyers in the senior age category reflects optimism for the market and the trajectory is expected to further grow in the remainder of the calendar year,” said Shishir Baijal, chairman and managing director, Knight Frank India.