Property registrations surge in Mumbai

Mumbai’s real estate market is experiencing a remarkable surge in property registrations. According to recent data from the Maharashtra government, the city witnessed a 22 percent increase in property registrations during May, reaching an impressive 12,000 units. This surge is attributed to the strong housing demand in the region.

The state exchequer benefited from this boom, garnering a staggering Rs 1,034 crore in revenue during May 2024, marking a 24 percent increase compared to the same period last year. Notably, residential units accounted for a substantial 80 percent of the overall registered properties in May 2024.

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Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed enthusiasm for this positive trend. He stated, “The continuous year-on-year growth in property sales and registrations provides a continuum to the growth story that propelled on the back of state government incentive and since then, despite a rise in average prices across the city, sales and registrations of properties have maintained the momentum.”

Baijal attributed this surge to the appetite of the market and the confidence buyers have in the country’s economic fundamentals. “This positive trend is expected to persist, bolstered by strong economic growth and a favourable interest rate environment, creating an encouraging atmosphere for potential buyers,” he added.

The real estate boom in Mumbai extends beyond just May. In the first five months of 2024, the total number of properties registered reached 60,820, marking a 17 percent increase from the 52,173 units registered during the same period in 2023.