Mumbai's Property Market Sees Unprecedented Growth with 12% Rise in June 2024 Registrations
The city's real estate sector records an impressive 12% year-on-year increase in property registrations for June 2024, fueled by strong demand and economic stability.
Mumbai Real EstateProperty RegistrationsKnight FrankNaredco MaharashtraCredai MchiReal Estate NewsJul 02, 2024
The impressive performance is a clear testament to the robust demand and growing confidence in the Mumbai real estate market. Industry experts attribute this growth to increased economic stability, favourable interest rates on home loans, and an increasing preference for luxurious living.
Throughout the first half of 2024, Mumbai has consistently maintained property sales above the 10,000 mark each month, with June 2024 setting a record for the highest number of registrations in any June over the past 12 years. The revenue exceeding INR 1000 crore from these registrations also demonstrates the significant contribution of the real estate sector to the state's economy.
The rise in property registrations indicates a dynamic recovery and sustained growth trajectory for Mumbai's real estate sector. As the market continues to attract both first-time buyers and seasoned investors, stakeholders anticipate further momentum driven by favourable economic indicators and ongoing policy support. This upward trend not only strengthens Mumbai's position as a prime real estate destination but also underscores the resilience and adaptability of the sector amid evolving market dynamics.
With continued economic stability and supportive government initiatives, the outlook remains optimistic for the city's property market heading into the second half of 2024.
Information
Knight Frank is a leading real estate consultancy firm providing expert advice to buyers, sellers, and investors across the globe.
NAREDCO Maharashtra is a non-profit organization promoting the interests of real estate developers and facilitating the growth of the sector.
CREDAI-MCHI is a state-level association of real estate developers and builders.
Tridhaatu Realty is a prominent real estate developer in Mumbai.
Prescon Group is a leading real estate developer and builder in Mumbai.
NAREDCO Maharashtra is a non-profit organization promoting the interests of real estate developers and facilitating the growth of the sector.
CREDAI-MCHI is a state-level association of real estate developers and builders.
Tridhaatu Realty is a prominent real estate developer in Mumbai.
Prescon Group is a leading real estate developer and builder in Mumbai.
Frequently Asked Questions
What is the year-on-year increase in property registrations in Mumbai for June 2024?
12%
How many property registrations were recorded in Mumbai in June 2024?
approximately 11,600
What is the revenue generated for the state government from these registrations?
over INR 1000 crore
What are the factors driving the growth of the Mumbai real estate market?
increased economic stability, favourable interest rates on home loans, and an increasing preference for luxurious living
What is the outlook for the Mumbai property market heading into the second half of 2024?
optimistic
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