Mumbai Property Market Sees 4% Rise in Registrations to 88,639 Units in Jan-Jul: Report
Mumbai real estate market continues to see strong demand, as registration of properties rose by 4 per cent to 88,639 units during the January-July period, according to Knight Frank.
As many as 84,866 units were registered in Mumbai's municipal region during the first seven months of the last calendar year. The data relates to transactions in both primary and secondary property markets.
The government's revenue from these registrations rose by 13 per cent year-on-year to Rs 7,854 crores, real estate consultant Knight Frank India said, citing data from the Maharashtra government.
On both metrics, the consultant said that Mumbai recorded the strongest performance since 2013 for the January-July period. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "Mumbai's residential market continues to show steady buyer confidence."
In July, the registration of properties increased 2 per cent to 12,579 units as against 12,373 units in the same month last year.
Commenting on the data, Akhil Saraf, Founder and CEO of proptech firm Reloy, said, "Real assets like housing, especially in key cities of India, will continue to retain intrinsic value. As more money chases fewer quality assets, property prices are likely to remain resilient and trend upward over the medium to long term."
This positive trend in the Mumbai property market is attributed to several factors, including stable economic conditions, competitive home loan rates, and the ongoing demand for quality residential units. The government's initiatives to streamline the registration process and reduce bureaucratic hurdles have also played a significant role in boosting buyer confidence.
The strong performance of the Mumbai property market is not only a reflection of the city's economic resilience but also its status as a preferred destination for both domestic and international investors. The city's robust infrastructure, coupled with a vibrant job market, continues to attract a steady influx of homebuyers and real estate investors.
In conclusion, the 4% increase in property registrations in Mumbai from January to July underscores the market's resilience and the strong underlying demand for residential properties. This trend is expected to continue, driven by favorable economic conditions and proactive government policies.
