Mumbai Property Registrations Set to Rise 7% in August
Property registrations in Mumbai are expected to increase by 7% in August, driven by strong demand and a positive economic outlook.
Mumbai PropertyReal EstateKnight Frank IndiaProperty RegistrationsMaharashtra GovernmentReal Estate MumbaiAug 31, 2024
According to Knight Frank India, a real estate consultant, Mumbai city (area under BMC jurisdiction) has recorded 11,631 property registrations so far in the month of August. The data is till 8.15 pm on Saturday, August 31, and the number is likely to increase slightly to around 11,650 units.
In August 2023, the Mumbai city saw registration of 10,902 properties. The data pertains to registration of properties transacted in both primary (first sale) and secondary (resale) markets. The state government is expected to earn more than Rs 1,050 crore from the registration of these properties.
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Frequently Asked Questions
What is the expected rise in property registrations in Mumbai in August?
7% annually, reaching 11,650 units
What is the source of the data on property registrations in Mumbai?
Maharashtra government data, as reported by Knight Frank India
What is the significance of the rise in property registrations in Mumbai?
It indicates a strong demand for housing and commercial spaces, and is a positive sign for the real estate sector in the state.
What initiatives has the Maharashtra government taken to boost the real estate sector?
Implementation of the Real Estate (Regulation and Development) Act, 2016, and infrastructure development, including construction of new roads, highways, and public transportation systems.
Who is the Chairman & Managing Director of Knight Frank India?
Shishir Baijal
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