New Delhi: Property registration in the Mumbai municipal region rose 12 percent year-on-year in June to around 11,600 units due to better demand, according to Knight Frank.
Mumbai city (area under the jurisdiction of Bombay Municipal Corporation) recorded nearly 11,570 units till 8.15 pm on Saturday (June 29) this month.
The figure is expected to reach around 11,600 units this month.
The bulk of the registration is for housing properties.
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in each of the six months of calendar year 2024.
In June 2024, Mumbai saw the highest number of property registrations for any June in the last 12 years.
This increase can be attributed to growing economic prosperity and favorable sentiment toward homeownership, the consultant said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "The continued year-on-year growth in property sales registrations underlines the resilience of the Mumbai real estate market."
Despite rising real estate prices, he said, housing registrations have maintained their momentum, reflecting strong market appetite and the confidence buyers have in the country's economic trajectory.
"This positive trend is expected to persist, driven by strong GDP growth, higher income levels and a favorable interest rate environment," Baijal said.
Commenting on the trend, Akhil Saraf, founder and CEO of proptech company Reloy, said the demand for real estate continues to grow, with both end-users and investors actively purchasing properties.
"The increase 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 demand will remain strong in the medium to long term.
"Developers are aligning their product launches with the types of properties currently in demand," Saraf said.
Mumbai city (area under the jurisdiction of Bombay Municipal Corporation) recorded nearly 11,570 units till 8.15 pm on Saturday (June 29) this month.
The figure is expected to reach around 11,600 units this month.
The bulk of the registration is for housing properties.
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in each of the six months of calendar year 2024.
In June 2024, Mumbai saw the highest number of property registrations for any June in the last 12 years.
This increase can be attributed to growing economic prosperity and favorable sentiment toward homeownership, the consultant said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "The continued year-on-year growth in property sales registrations underlines the resilience of the Mumbai real estate market."
Despite rising real estate prices, he said, housing registrations have maintained their momentum, reflecting strong market appetite and the confidence buyers have in the country's economic trajectory.
"This positive trend is expected to persist, driven by strong GDP growth, higher income levels and a favorable interest rate environment," Baijal said.
Commenting on the trend, Akhil Saraf, founder and CEO of proptech company Reloy, said the demand for real estate continues to grow, with both end-users and investors actively purchasing properties.
"The increase 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 demand will remain strong in the medium to long term.
"Developers are aligning their product launches with the types of properties currently in demand," Saraf said.
