According to Knight Frank, registration of properties in the Mumbai municipal area is expected to increase by 33% year on year to roughly 12,500 units this month due to increased demand.
During the same month previous year, 9,367 properties were registered in Mumbai City (an area under BMC control).
Current Property Registration Statistics and Trends
Knight Frank India, a real estate consultancy, has collated property registration data from the Maharashtra government’s Department of Registrations and Stamps.
According to the most recent December statistics, 12,134 units were registered as of midnight, with the total expected to reach approximately 12,500 units by late evening.
“Homebuyers in Mumbai remain confident in the property market, buoyed by stable demand and increased positive sentiment.” “As a result of this optimism, there has been a significant increase in property registrations in Mumbai,” the consultancy said in a statement on Saturday.
Residential units account for 80 percent of all registered properties.
More than 1,27,000 units are expected to be registered in Mumbai this year, resulting in income of more than Rs 10,000 crore.
Mumbai is on track to have the greatest number of property registrations in 11 years. It will outnumber the 1,22,035 units sold in the calendar year 2022.
CMD Knight Frank According to Shishir Baijal, increased income levels, improved affordability, and an optimistic homeownership outlook are driving demand.
“Notably, a 57 percent increase in the share of high-value property registrations attests to the robustness of the market,” he went on to say.
Homebuyer confidence is fueling Mumbai’s real estate momentum, according to Baijal, thanks to steady lending rates and an increased appetite for larger and better properties.
Property prices in Mumbai are expensive owing to strong demand and limited land supply. The city’s reputation as India’s financial and commercial center draws a large number of firms, professionals, and global organizations. Because of the city’s high population density and limited land supply, there is a great demand for real estate, which has resulted in higher pricing.
According to Tata Capital, when demand exceeds supply, prices rise dramatically. The great majority of the population in Mumbai competes for a limited number of houses, resulting in record-high real estate prices.
Prices of excellent residential homes in Mumbai increased by 5.2% year on year in the second quarter of 2023.
Some argue that owning residential property in Mumbai is a smart investment due to the city’s importance as an economic and cultural center in India. Property prices rise with time, particularly in well-connected and growing locations.
