Mumbai Property Market Sees 12% Surge in Registrations: Knight Frank
Strong demand and positive economic sentiment drive Mumbai's real estate market to new heights
Mumbai Property MarketReal EstateKnight FrankProperty RegistrationsEconomic SentimentReal EstateJun 29, 2024
In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years, with nearly 11,570 units registered till June 29. The figure is expected to reach around 11,600 units this month.
The bulk of the registration is of housing properties, with strong buyer confidence in Mumbai keeping property sales above the 10,000 mark in each of the six months of 2024.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, attributed the growth to rising economic prosperity and a favourable sentiment towards home ownership. He noted that despite higher property prices, home registrations have maintained their momentum, reflecting the market's strong appetite and confidence buyers have in the country's economic trajectory.
Akhil Saraf, Founder and CEO of proptech firm Reloy, also commented on the trend, saying that demand for real estate continues to grow, with both end users and investors actively purchasing properties. He believes that demand will remain robust in the mid to long-term, with developers aligning their product launches with the types of properties currently in demand.
Information Knight Frank is a leading international property consultancy that provides innovative and integrated property solutions to its clients. Founded in 1896, the company has over 500 offices in 60 countries, making it one of the largest and most successful property consultancy firms globally.
Reloy is a proptech firm that provides innovative technology solutions to the real estate industry.
Tags Mumbai property market, real estate, Knight Frank, property registrations, economic sentiment, home ownership, property prices, GDP growth, interest rates
Frequently Asked Questions
What is the year-on-year growth in property registrations in Mumbai?
12%
What is the expected number of property registrations in Mumbai in June 2024?
Around 11,600 units
What is driving the growth in property registrations in Mumbai?
Strong demand and positive economic sentiment
What is the sentiment towards home ownership in Mumbai?
Favourable
What is the outlook for the real estate market in Mumbai in the mid to long-term?
Robust demand expected
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