Mumbai housing registrations see strong growth in April

Mumbai has consistently held its position as India's premier real estate market, making it a coveted destination for many Indians aspiring to own a home in the city. With the city's boundaries expanding and connectivity continually improving, we anticipate a sustained increase in both demand and property transactions -- 

Mumbai: Mumbai's real estate sector is witnessing an impressive performance with property registrations for April expected to cross 11,500 units from 10,514 a year earlier. Notably, the current figures represent a 9 per cent increase in registrations compared to the same period last year, reflecting a continuous positive outlook.

This robust activity is projected to contribute over Rs 1,043 crore to the State exchequer, according to a report by Knight Frank India. The city's property sector, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), has consistently shown strong results, marking the fourth consecutive month where registrations have exceeded 10,000 units.

The majority of these transactions, about 80 per cent, have been residential properties, underscoring the sustained demand for housing in the region. This trend is a clear indicator of homebuyers' unwavering confidence in Mumbai's real estate market, which has remained attractive to potential buyers.

Talking to Bizz Buzz, Sunil Dewali, Co-CEO of Andromeda Sales & Distribution, parent company of Andromeda Realty Advisors, says, “Mumbai has consistently held its position as India's premier real estate market, making it a coveted destination for many Indians aspiring to own a home in the city. With the city's boundaries expanding and connectivity continually improving, we anticipate a sustained increase in both demand and property transactions.”

The current trend of a rising number of property transactions is likely to persist as Mumbai evolves and grows, he said.

The volume of property transactions is on the rise, reflected in the increasing number of property registrations. There is a high demand from homebuyers across all segments, prompting developers to launch new projects to meet this demand.

Akhil Saraf, Founder & CEO of Reloy says, “Reputed developers are attracting significant buyer interest and commanding premiums for projects situated in prime locations with modern amenities. This trend is expected to persist, especially with infrastructure development in the Mumbai Metropolitan Region (MMR) opening up new areas for residential project development, he said.

The month has also seen Mumbai record the second-highest number of property registrations for the month in the last 12 years, alongside the highest collection of stamp duty ever recorded for April. This surge in activity and revenue can be attributed to rising income levels and a positive attitude towards homeownership among Mumbai residents.