New Delhi, according to Knight Frank, property registration in the Mumbai municipal region rose 12 per cent year-on-year in June to 11,575 units, thanks to improved demand for real estate assets.
Mumbai city (area under the jurisdiction of the Bombay Municipal Corporation) registered 11,575 units in June as against 10,319 units in the same month last year, according to data compiled by real estate consultant Knight Frank from the Maharashtra government portal.
However, the number of registrations in June was lower than in May, when 12,000 units were registered.
Most of the registration is for residential properties.
Strong buyer confidence has kept property registrations in Mumbai above the 10,000 mark during the first 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, the consultant said.
Knight Frank attributed this increase to growing economic prosperity and favorable sentiment towards home ownership.
Knight Frank India Chairman and Managing Director Shishir Baijal said, "The continued year-on-year growth in property sales registrations underlines the resilience of the Mumbai real estate market."
Despite rising property 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, proptech firm Reloy founder and CEO Akhil Saraf said 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 the Bombay Municipal Corporation) registered 11,575 units in June as against 10,319 units in the same month last year, according to data compiled by real estate consultant Knight Frank from the Maharashtra government portal.
However, the number of registrations in June was lower than in May, when 12,000 units were registered.
Most of the registration is for residential properties.
Strong buyer confidence has kept property registrations in Mumbai above the 10,000 mark during the first 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, the consultant said.
Knight Frank attributed this increase to growing economic prosperity and favorable sentiment towards home ownership.
Knight Frank India Chairman and Managing Director Shishir Baijal said, "The continued year-on-year growth in property sales registrations underlines the resilience of the Mumbai real estate market."
Despite rising property 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, proptech firm Reloy founder and CEO Akhil Saraf said 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.
