Mumbai Real Estate Sees Upsurge: 12% Growth in Property Registrations in June
The Mumbai municipal region witnessed a 12% annual growth in property registrations in June, with 11,575 units registered, driven by strong buyer confidence and a favourable sentiment towards homeownership.
Mumbai Real EstateProperty RegistrationsKnight FrankMaharashtraHousing MarketReal Estate MaharashtraJun 30, 2024
In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years, indicating a strong appetite and confidence buyers have in the country's economic trajectory. Despite higher property prices, home registrations have maintained their momentum, reflecting the market's strong appetite for real estate.
Knight Frank India Chairman & Managing Director Shishir Baijal said, 'The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market.' He also mentioned that this positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment.
Akhil Saraf, founder and CEO of proptech firm Reloy, commented on the trend, stating that the 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, driven by developers aligning their product launches with the types of properties currently in demand.
Information Knight Frank is a leading international property consulting firm that provides a comprehensive range of services across the residential and commercial segments. The firm has a strong presence in India, with offices in major cities like Mumbai, Delhi, Bangalore, and Chennai.
Reloy is a proptech firm that leverages technology to simplify the property buying and selling process.
Frequently Asked Questions
What was the growth in property registrations in Mumbai in June?
The registration of properties in Mumbai rose 12% annually in June to 11,575 units.
What drove the growth in property registrations in Mumbai?
The growth was driven by strong buyer confidence, rising economic prosperity, and a favourable sentiment towards homeownership.
How many property registrations were recorded in May?
12,000 units were registered in May.
What is the outlook for the Mumbai real estate market?
The market is expected to remain robust, driven by strong GDP growth, rising income levels, and a favourable interest rate environment.
What is Reloy's take on the Mumbai real estate market?
Reloy believes that demand will remain robust in the mid to long-term, driven by developers aligning their product launches with the types of properties currently in demand.
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