Property registrations in Mumbai reached 10,694 units in September, marking a 24% increase from the previous year. According to the Maharashtra government website, this number represented a 2% decrease compared to the previous period.
However, data spanning the last decade revealed that this September had the highest sales volumes on record. The revenue generated from these registrations amounted to Rs 11.27 billion, reflecting a 54% year-on-year increase and a 1% sequential increase. More than 80% of the registered properties were residential, indicating sustained demand in the housing sector.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted the Mumbai residential market's resilience, consistently exceeding the 10,000-property mark. He mentioned that in the first nine months of 2023, there was an average of 10,420 property transactions per month.
Baijal also highlighted the anticipation among homebuyers for a stable interest rate environment, believing that such stability could strengthen the housing market, creating a favourable atmosphere for opportunities and optimism. Looking ahead, the Reserve Bank of India was expected to maintain the current interest rates at the Monetary Policy Committee meeting on October 6.
Dhaval Ajmera, Director of Ajmera Realty and Infra India, attributed the increased demand to infrastructural development and the rise in redevelopment projects across MMR (Mumbai Metropolitan Region). These factors had expanded housing options for potential homebuyers in new and emerging markets.
