Registration of properties in Mumbai municipal region rose 12 per cent annually in June to around 11,600 units on better demand, according to Knight Frank. Mumbai city (area under Bombay Municipal Corporation jurisdiction) saw registration of nearly 11,570 units till 8.15 pm on Saturday (June 29) of this month.
The figure is expected to reach around 11,600 units this month.
The bulk of the registration is of housing properties.
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in each of the six months of 2024 calendar year.
In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years.
This upsurge can be attributed to rising economic prosperity and a favourable sentiment towards home ownership, the consultant said.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai’s real estate market.”
Despite higher property prices, he said, home registrations have maintained their momentum, reflecting the market’s strong appetite and confidence buyers have in the country’s economic trajectory.
“This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment,” Baijal said.
Commenting on the trend, Akhil Saraf, Founder and CEO of proptech firm Reloy, said, the demand for real estate continues to grow, with both end users and investors actively purchasing properties.
“The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and confidence of buyers and investors towards the economy and future prospects,” Saraf said.
He believes that demand will remain robust in the mid to long-term.
“Developers are aligning their product launches with the types of properties currently in demand,” Saraf said.