Mumbai Property Market Witnesses Historic High: Over 1,00,000 Sales Registrations in September 2024
Mumbai property sales registration surpasses 1,00,000 in September 2024, marking a 12% year-on-year growth in property registrations and 6% growth in revenue.
Mumbai Property MarketProperty RegistrationsReraMaharashtra GovernmentHousing FinanceReal Estate MumbaiSep 30, 2024
According to industry experts, this surge in property registrations can be attributed to the festive season, which typically sees an increase in property sales. Additionally, the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) has also contributed to the growth, as it has increased transparency and accountability in the sector.
The Maharashtra government has also played a crucial role in boosting the property market, with initiatives such as the reduction of stamp duty and the introduction of a slew of infrastructure projects. These initiatives have not only increased demand but also improved the overall sentiment in the market.
The growth in property registrations has also resulted in increased revenue for the government. In the first nine months of 2024, the government has earned a revenue of over ₹10,000 crore from property registrations, marking a 6% YoY growth.
The Mumbai property market is expected to continue its growth trajectory, with industry experts predicting a further increase in property registrations in the coming months. The government's initiatives and the overall positive sentiment in the market are expected to drive this growth.
The growth in the Mumbai property market is not limited to just residential properties. The commercial property market is also witnessing a surge, with many businesses looking to expand their operations in the city.
The growth in the property market has also led to an increase in demand for housing finance. Many homebuyers are opting for housing loans to finance their purchases, and lenders are witnessing a surge in demand for home loans.
The Mumbai property market is expected to continue its growth trajectory, with industry experts predicting a further increase in property registrations in the coming months. The government's initiatives and the overall positive sentiment in the market are expected to drive this growth.
Information
The Mumbai property market is one of the largest and most lucrative property markets in India. The market has witnessed significant growth in recent years, driven by government initiatives and an increase in demand for housing.
Maharashtra Government The Maharashtra government is the state government of Maharashtra, India. The government has implemented several initiatives to boost the property market, including the reduction of stamp duty and the introduction of infrastructure projects.
Frequently Asked Questions
What is the current state of the Mumbai property market?
The Mumbai property market is witnessing a historic high, with over 1,00,000 sales registrations recorded in September 2024.
What are the factors contributing to the growth in property registrations?
The growth in property registrations can be attributed to the festive season, the implementation of RERA, and initiatives by the Maharashtra government.
What is the revenue earned by the government from property registrations?
In the first nine months of 2024, the government has earned a revenue of over ₹10,000 crore from property registrations.
Is the growth in the property market limited to residential properties?
No, the growth in the property market is not limited to just residential properties. The commercial property market is also witnessing a surge.
What is the expected growth trajectory of the Mumbai property market?
Industry experts predict a further increase in property registrations in the coming months, driven by government initiatives and the overall positive sentiment in the market.
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