Over 200% Increase in property registrations among Mumbai’s elderly population post-Covid: Report

Knight Frank India expects the total number of property registrations by senior citizens will surpass 23,000 by the end of 2024, maintaining an 18 per cent market share.

The study highlights that the 61+ age group has experienced the most substantial growth in market share among all age brackets. In contrast, the market shares for the 18-29 and 45-60 age groups have remained steady at 9 per cent and 33 per cent, respectively, in 2023.

Source: Department of Registration & Stamps ( Government of Maharashtra)

Meanwhile, the 30-45 age group, traditionally the largest segment for property registrations, has seen its share decline from 48 per cent in 2020 to 40 per cent as of July 31, 2024.

Source: Department of Registration & Stamps ( Government of Maharashtra)

The trend among older buyers is partly attributed to a shift in lifestyle preferences following the Covid-19 pandemic. Traditionally favouring stable and owned properties over rentals, many senior citizens are now opting to upgrade to larger apartments to accommodate extended families and improve their living conditions. This shift reflects a desire for more spacious, lifestyle-oriented homes.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The change in homebuyers’ mindsets triggered by the 2020 pandemic has driven a demand for larger and better living spaces. For many seniors in Mumbai, the pandemic facilitated reunions with their children, often due to work-from-home trends, influencing decisions to purchase larger homes. The increased share of senior buyers indicates optimism in the market, and we expect this trend to continue growing for the rest of the year.”