Registration of properties in Mumbai municipal region rose 15 per cent this month to 8,756 units on higher demand despite an increase in interest rates, according to Knight Frank India. In November 2021, the registration of properties stood at 7,582 units.
Growth in property sale registrations in Mumbai continues to remain robust with some moderation recorded in the recent months, the consultant said.
“Supported by strong consumer sentiment and supportive drivers, the Mumbai residential market has grown despite geopolitical headwinds,” Shishir Baijal, Chairman and Managing Director of Knight Frank India, said.
“As the festival season that drove market sentiment in the last month ends, November 2022 remains a beneficiary to the sustained momentum recording a YoY rise in property sales and government revenue collection,” he added.
However, Baijal said the growth rate appears to have moderated marginally due to the increased mortgage rates.
Properties falling in the price bracket of Rs 1-2.5 crore have emerged as a preferred ticket size in November 2022 having a share contribution of 42 per cent.