Mumbai has set a new 12-year record with approximately 11,443 property registrations in June 2024, according to a report by Knight Frank India, a real estate consultancy firm. This surge in property registrations contributed over Rs 986 crores to the state exchequer.
The report highlights an 11 percent year-on-year (YoY) increase in property registrations compared to the same period last year, with revenues from these registrations rising by 15 percent YoY. In June 2023, Mumbai recorded 10,319 property registrations.
"Mumbai experienced the highest number of property registrations for any June month in the past 12 years. This upsurge can be attributed to rising economic prosperity and a favorable sentiment towards homeownership," the report stated.
The first half of 2024 saw an average of 12,044 property registrations per month, surpassing the 2023 average of 10,578 units per month.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized the resilience of Mumbai's real estate market, noting the continuous year-on-year growth in property sales registrations.
"Despite higher property prices, home registrations have maintained their momentum, reflecting the market's strong appetite and buyers' confidence in the country's economic trajectory. This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favorable interest rate environment, creating an encouraging atmosphere for potential buyers," Baijal added.
The report also observed a shift towards larger apartments, with those measuring between 500 sq ft and 1,000 sq ft accounting for 46 percent of all property registrations in June 2024. In contrast, apartments up to 500 sq ft made up 36 percent of registrations, down from 41 percent in June 2023. Apartments measuring 1,000 sq ft and above comprised 15 percent of the total registrations.
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