Why The Elderly In Mumbai Are Buying Larger Homes Since Covid Pandemic

The share of overall property registrations by buyers of aged 61 and above surged 204 per cent in Mumbai, increasing from 7,554 in 2020 to 15,276 in 2024, as elderly buyers sought better properties for a stable lifestyle, a report showed on Friday.

The proportion of registrations in this age group increased from 12 per cent in 2020 to 18 per cent 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, according to the report by Knight Frank India.

Further, by the end of the year, property registrations by senior citizens are expected to exceed 23,000, maintaining an 18 per cent market share.

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," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

The 61-year and above age cohort has seen the most prolific growth in market share of sales among all other age brackets.

For the reported period, the contributions have remained consistent for the two age groups: 18-29 years at 9 per cent and for 45-60 years at 33 per cent.

The age group with the highest attribution towards property registrations, 30 to 45 years, has witnessed a decline in its share from 48 per cent in 2020 to 40 per cent (as of July 31).

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

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)