Registration of properties in Mumbai municipal area is estimated to rise by 26 per cent year-on-year in August to around 10,800 units — highest in 10 years — on better housing demand, according to Knight Frank India.
The registration of properties in Mumbai city (area under BMC jurisdiction) has crossed 10,600 units by 3 pm on Thursday.
As many as 8,552 units were registered during August last year. In the previous month, 10,221 units were registered.
Out of the total registrations this month, around 80 per cent is housing. The data pertains to both primary (fresh) and secondary (resale) markets.
The revenue collection is expected at more than Rs 800 crore for the state government.
“Mumbai’s residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at Rs 1 crore and above continue to rise, led by surge in property prices and increasing preference among home buyers for more spacious accommodation,” Knight Frank India Chairman and Managing Director Shishir Baijal said.
Overall, Baijal said the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said this showcases the confidence amongst the homebuyers of the city towards the residential asset class.
“The interest of homebuyers in residential real estate is propelled by the dual effect of the need to upgrade to a bigger and better living space and focused impetus on infrastructural developments across the city.”
Amit Goyal, MD of India Sotheby’s International Realty, noted that the Mumbai’s luxury housing market has been steadily rising for the last three years, in line with the buoyancy in India’s residential real estate.
“With wealth creation in India growing at a fast pace, and the country’s wealthiest city Mumbai set to enter the list of top 20 cities with the most number of millionaires by 2023, we believe there’s an inherent strength in Mumbai’s luxury housing market which should continue in the future,” Goyal observed.
As per the Knight Frank data, the registration of properties in Mumbai city is likely to cross 83,500 units.
“Over the recent years, there has been a consistent upward trajectory in the percentage of property registrations for properties valued at INR 1 crore and beyond. This proportion has climbed from 48 per cent during the January-August period in 2020 to around 57 per cent in January-August of 2023,” it added.
