Strong buyer confidence has kept property registrations in Mumbai above 10,000 in the first six months of calendar year 2024 | Photo: Shutterstock
According to Knight Frank, the number of registered homes in the Mumbai region rose 12 percent year-on-year to 11,575 homes in June, due to increased demand for housing.
Mumbai city (area under the jurisdiction of the Bombay Municipal Corporation) saw 11,575 units registered in June 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.
The majority of the registration concerns homes.
Strong buyer confidence has helped keep the number of property registrations in Mumbai above 10,000 in the first six months of calendar year 2024.
In June 2024, Mumbai saw the highest number of property registrations of any June in the past 12 years, the consultant said.
Knight Frank attributed the increase to increasing economic prosperity and positive sentiment towards home ownership.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The continued annual growth in property sale registrations underlines the resilience of Mumbai’s real estate market.”
Despite higher property prices, he says housing registrations have maintained their momentum, reflecting strong market interest and the confidence buyers have in the country’s economic trajectory.
“We expect this positive trend to continue, driven by strong GDP growth, rising income levels and a favourable interest rate environment,” Baijal said.
Akhil Saraf, founder and CEO of proptech company Reloy, commented on this trend, saying that the demand for real estate continues to grow, with both end users and investors actively buying properties.
“The increase in average revenues from stamp duty and registration fees also indicates an increase in property prices. Nevertheless, demand remains strong, reflecting positive sentiments and confidence from buyers and investors towards the economy and future prospects,” said Saraf.
He expects demand to remain robust in the medium to long term.
“Developers are tailoring their product launches to the types of properties that are currently in demand,” Saraf said.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)
First print: June 30, 2024 | 1:06 PM IST