Mumbai Sees 12% Rise in Property Registrations in June, Defying Higher Prices
Despite higher property prices, Mumbai's real estate market shows resilience with a 12% annual rise in property registrations in June, driven by strong demand and buyer confidence.
Real EstateMumbaiProperty RegistrationKnight FrankReloyReal EstateJun 29, 2024
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in each of the six months of 2024. Shishir Baijal, Chairman & Managing Director, Knight Frank India, attributed this growth to rising economic prosperity and a favourable sentiment towards home ownership. 'The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market,' he said.
Despite higher property prices, home registrations have maintained their momentum, reflecting the market's strong appetite and confidence buyers have in the country's economic trajectory. Akhil Saraf, Founder and CEO of proptech firm Reloy, noted that demand for real estate continues to grow, with both end users and investors actively purchasing properties. 'The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and confidence of buyers and investors towards the economy and future prospects,' he said.
The positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment. Developers are aligning their product launches with the types of properties currently in demand, Saraf added. The Mumbai real estate market is likely to remain robust in the mid to long-term, driven by strong demand and buyer confidence.
Frequently Asked Questions
What was the annual rise in property registrations in Mumbai in June?
12%
What is the expected number of property registrations in Mumbai this month?
around 11,600 units
What is driving the growth in property registrations in Mumbai?
Rising economic prosperity and a favourable sentiment towards home ownership
What is the trend expected to persist in the Mumbai real estate market?
Strong GDP growth, rising income levels, and a favourable interest rate environment
Who is aligning their product launches with the types of properties currently in demand?
Developers
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