The share of overall property registrations by buyers of over 61 years of age surged 204%, increasing from 7,554 in 2020 to 15,276 in 2024, as elderly buyers sought better properties for a stable lifestyle, a recent study on the property registrations in Mumbai Metropolitan Region (MMR) by Knight Frank India stated.
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 exceed 23,000 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 to 15,276 properties has been registered by this age category. The property registrations from senior citizens in Mumbai is expected to surpass 23,000 by the end of the year 2024.
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 group have increased from 12% in 2020 to 18% in 2023. 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.
Traditionally, the older generation has favoured a stable lifestyle, often choosing to own an apartment rather than rent. However, following the COVID-19 pandemic, there has been an increased inclination among senior citizens to upgrade. 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.
Chairman and Managing Director, Knight Frank India, Shishir Baijal said, “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.”
