Mumbai sees 22% annual rise in May property registrations

03 Jun 2024 CW Team

According to real estate consultant Knight Frank, there was a 22 per cent increase in property registrations in the Mumbai municipal region during May, amounting to 12,000 units. Knight Frank India, citing data from the Maharashtra government, mentioned that Mumbai city, falling under the BMC jurisdiction, witnessed approximately 12,000 property registrations last month, compared to 9,823 units in May of the previous year. In May 2024, the state exchequer collected Rs 10.34 billion, reflecting a 24 per cent rise from the same month in the previous year.

It was reported that residential units constituted 80 per cent of the total registered properties in May 2024. Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the consistent year-on-year growth in property sales and registrations signifies a continuation of the growth trajectory, which was initially fuelled by state government incentives. Despite an increase in average prices across the city, sales and registrations of properties have managed to sustain their momentum, he added.

Baijal stated that this trend indicates the market's appetite and the confidence buyers have in the country's economic fundamentals. He further mentioned that this positive trend is anticipated to continue, supported by robust economic growth and a favorable interest rate environment, which will create a conducive atmosphere for potential buyers.

In the first five months of the current year, the total number of properties registered stood at 60,820, marking a 17 percent increase from 52,173 units registered in January-May 2023.

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