Mumbai sees 27% rise in property registrations
The city municipal area has recorded registration of 10,902 units in August 2023, says Knight Frank report
image for illustrative purpose
Mumbai municipal area saw an annual increase of 27 per cent in registration of properties in August at 10,902 units on better housing demand, according to Knight Frank India. The registration of properties in Mumbai city - the area under the jurisdiction of Brihanmumbai Municipal Corporation - stood at 8,552 units during August last year. In July, 10,221 units were registered.
Of the total registrations this month, around 80 per cent is for housing. The data pertains to both primary (fresh) and secondary (resale) markets. The revenue collection stood at Rs 810 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 continues to rise, led by surge in property prices and increasing preference among homebuyers 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 the ongoing consumer demand. The last month saw the most successful August numbers in the past decade in terms of registration as well as revenue generated, the consultant said.
Amit Goyal, Managing Director of India Sotheby's International Realty, said Mumbai's luxury housing market has been steadily rising for the last three years, in line with the buoyancy in the country'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 the city'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 stood at 83,615 units during the January-August period this year, down 4 per cent from 86,653 units in the year-ago period.
"Over the recent years, there has been a consistent upward trajectory in the percentage of registrations for properties valued at Rs 1 crore and beyond.
