Property registrations in the Mumbai municipal region surged by 12% annually in June, reaching around 11,600 units, driven by improved demand, according to Knight Frank. The area under the Bombay Municipal Corporation's jurisdiction recorded nearly 11,570 property registrations by June 29, and the figure is expected to touch approximately 11,600 units for the month. The majority of these registrations are for housing properties.
Strong buyer confidence has kept property sales above the 10,000 mark for each of the six months in 2024. June 2024 marked the highest number of property registrations for any June in the past 12 years. This surge is attributed to increasing economic prosperity and a favourable sentiment toward home ownership.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, stated, "The continuous year-on-year growth in property sale registrations highlight the resilience of Mumbai's real estate market." 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. Baijal expects this positive trend to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment.
Akhil Saraf, Founder & CEO, proptech firm Reloy, commented on the trend, saying that both end users and investors are actively purchasing properties, fuelling the demand for real estate. "The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and the confidence of buyers and investors towards the economy and future prospects," Saraf said. He believes that demand will remain robust in the mid to long term. "Developers are aligning their product launches with the types of properties currently in demand," he added.
(Source: ET)
