Mumbai Sees Surge in Property Registrations: A Sign of Resilient Real Estate Market
The Mumbai property market is showing signs of resilience, with a 12% year-on-year increase in registrations in June, driven by strong demand and positive economic sentiment.
Mumbai Property MarketReal EstateKnight FrankProperty RegistrationsEconomic GrowthReal Estate NewsJun 29, 2024
The report highlights the resilience of Mumbai's real estate market, which has maintained its momentum despite higher property prices. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, 'The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market.'
The demand for real estate continues to grow, with both end-users and investors actively purchasing properties. Akhil Saraf, Founder and CEO of proptech firm Reloy, commented, '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.'
The report suggests that the demand for property will remain robust in the mid to long-term, 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, which will further boost the market.
Knight Frank is a leading global real estate consultancy firm that provides comprehensive services to developers, investors, and occupiers.
Knight Frank is a renowned global real estate consultancy firm with a team of experts who provide in-depth knowledge and insights into the property market.
Frequently Asked Questions
What was the percentage increase in property registrations in Mumbai in June?
12% year-on-year
What is driving the demand for real estate in Mumbai?
Strong demand and positive economic sentiment
What is the expected trend for property demand in the mid to long-term?
Robust demand driven by strong GDP growth, rising income levels, and a favourable interest rate environment
Who is the Chairman & Managing Director of Knight Frank India?
Shishir Baijal
What is the name of the proptech firm founded by Akhil Saraf?
Reloy
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