Mumbai: The Mumbai Metropolitan Region (MMR) has witnessed a remarkable 204% increase in property registrations by buyers aged over 61, reflecting a significant shift in the real estate market’s dynamics.
According to a recent study by Knight Frank India, the number of property registrations by senior citizens surged from 7,554 in 2020 to 15,276 in 2024, highlighting a trend towards more stable and upgraded living conditions among the elderly. In 2023, a total of 22,849 property transactions were completed by senior buyers. As of July 2024, this number stands at 15,276, with projections suggesting that by the end of the year, the figure will exceed 23,000, maintaining an 18% share of the market. This growth in registrations is particularly notable given the overall market context, with senior citizens now accounting for a significant portion of property transactions in the city.
The analysis reveals that the 61 years and above age group has seen the most substantial growth in market share compared to other age brackets. The proportion of property registrations by this demographic rose from 12% in 2020 to 18% in 2023. Conversely, the 30 to 45 years age group, previously the largest contributor, has seen its share decrease from 48% to 40% over the same period. The 18-29 years and 45-60 years age groups have remained relatively stable, contributing 9% and 33% respectively. This trend reflects a broader shift in lifestyle preferences, accelerated by the COVID-19 pandemic. Senior citizens, traditionally inclined towards stability, are increasingly seeking larger homes to accommodate extended families and enhance their quality of life.
The pandemic has underscored the value of having a spacious, comfortable living environment, prompting many seniors to invest in more substantial properties. A spokesperson from Knight Frank India commented, “The pandemic has transformed the housing preferences of many, with seniors now favouring larger, better-equipped homes. This shift demonstrates a positive outlook for the real estate market, with expectations of continued growth in the senior segment for the remainder of the year.”
