Mumbai Property Market Sees 12% Growth in Registrations in June
Mumbai witnessed a 12% year-on-year growth in property registrations in June, with 11,575 units registered, indicating strong buyer confidence in the real estate market.
Property MarketMumbaiReal EstateKnight FrankReloyReal EstateJun 30, 2024
Strong buyer confidence has kept monthly property registrations in Mumbai above 10,000 throughout the first half of 2024. June 2024 saw the largest number of property registrations of any June in the previous 12 years. Knight Frank credited this growth to increased economic prosperity and a positive attitude towards homeownership.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, stated that the continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market. Despite rising property prices, Baijal highlighted that home registrations have remained solid, indicating buyers' confidence in the country's economic prospects.
Akhil Saraf, founder and CEO of proptech startup Reloy, commented on the trend, stating that real estate demand is increasing, with both end users and investors actively buying homes. He emphasized that the increase in average revenue collection from stamp duty and registration fees reflects rising property prices. Despite this, demand is strong, demonstrating buyer optimism about the economy and its prospects.
information Knight Frank is a leading global real estate consultancy firm, providing expert advice to property developers, investors, and homeowners. Reloy is a proptech startup that provides innovative solutions for the real estate industry.
Knight Frank is a global real estate consultancy firm with a strong presence in India, providing expert advice to property developers, investors, and homeowners. Reloy is a proptech startup that provides innovative solutions for the real estate industry.
Frequently Asked Questions
What was the year-on-year growth in property registrations in Mumbai in June?
The year-on-year growth in property registrations in Mumbai in June was 12%.
How many units were registered in Mumbai in June?
11,575 units were registered in Mumbai in June.
What is the main reason for the growth in property registrations in Mumbai?
The main reason for the growth in property registrations in Mumbai is increased demand for housing.
Who credited the growth in property registrations to increased economic prosperity and a positive attitude towards homeownership?
Knight Frank credited the growth in property registrations to increased economic prosperity and a positive attitude towards homeownership.
What is the name of the proptech startup that commented on the trend of increasing real estate demand?
The name of the proptech startup that commented on the trend of increasing real estate demand is Reloy.
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