Mumbai Property Registrations Surge 20% in November, Reaching 12,219 Units
Mumbai's property market has shown significant resilience, with the registration of properties surging 20% in November to 12,219 units. Last year, the region recorded 10,216 units during the same month. This data, provided by real estate consultant Knight Frank India, highlights a robust recovery in the real estate sector.
Citing Maharashtra government data, Knight Frank India reported that the Mumbai city area under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) saw 12,219 property registrations in November. This figure represents a 20% year-on-year (YoY) increase and is the highest number of registrations for November since 2013.
The surge in property registrations is a positive indicator for the real estate market, reflecting increased buyer confidence and a stable demand cycle. Stamp duty collections also saw a significant boost, reaching Rs 1,038 crore, a 12% increase from the previous year. Residential deals accounted for approximately 80% of the total registrations during the month, underlining the strong demand for housing in the region.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, commented on the trend, stating, 'The stability in both volumes and revenue highlights a mature demand cycle and continued buyer confidence across Mumbai.' This sentiment is supported by the consistent performance of the market, which has shown resilience despite economic challenges.
The Mumbai real estate market has been bolstered by various factors, including government incentives, lower interest rates, and a gradual return to normalcy post-pandemic. These factors have collectively contributed to the increased activity in property registrations, signaling a promising outlook for the sector.
As the market continues to evolve, experts anticipate sustained growth in property registrations and stamp duty collections. This trend is likely to be further supported by ongoing infrastructure developments and improved accessibility, making Mumbai an attractive destination for both investors and homebuyers.
