Registration of properties in the Mumbai municipal area rose 23 percent year-on-year this month to around 10,600 units — the highest in 10 years — on better housing demand, according to Knight Frank India.
The registration of properties in Mumbai city (area under BMC jurisdiction) touched 10,594 units by 3.15 pm on Saturday. Data pertains to both primary and secondary property markets.
The registration process is slow on Saturday because of the start of ‘shradh’ period. The consultant expects the number to rise to around 10,650 units by the end of the day, out of which 82 percent would be housing.
As many as 8,628 units were registered during September last year. In the previous month, 10,902 units were registered.
Registration of properties is expected to contribute Rs 1,127 crore to the state government’s revenues.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, ” … for the first nine months of 2023, we have observed a monthly average of 10,420 property transactions. The growing prominence of properties valued at Rs 1 crore and above indicates a shift in preference towards more spacious and upscale accommodations, mirroring the upward trajectory of property prices.” Amit Goyal, MD, India Sotheby’s International Realty, said Mumbai’s luxury housing market has been steadily rising for the last three years.
“This signifies that real estate has made a meaningful come-back into the ultra-high net worth individuals (UHNIs) portfolios,” Goyal said, and expected sales momentum to continue, especially in the luxury homes segment.