Mumbai's Real Estate Market Sees 12% Surge in Property Registrations in June
The Mumbai real estate market has shown remarkable resilience with a 12% annual increase in property registrations in June, driven by strong demand and buyer confidence.
Mumbai Real EstateProperty RegistrationKnight FrankReloyHome OwnershipReal Estate MumbaiJun 30, 2024
The bulk of the registrations comprises housing properties, indicating a strong appetite for homeownership in the region. This is the sixth consecutive month of 2024 that property sales have exceeded the 10,000 mark, demonstrating the unwavering confidence of buyers in the Mumbai real estate market.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market. 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, commented that the 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.
Developers are aligning their product launches with the types of properties currently in demand, which is expected to drive the demand further in the mid to long-term. The strong GDP growth, rising income levels, and a favourable interest rate environment are also expected to contribute to the positive trend in the Mumbai real estate market.
Frequently Asked Questions
What is the annual increase in property registrations in Mumbai?
The property registrations in Mumbai witnessed a 12% annual increase in June.
What is the expected number of property registrations in June?
The expected number of property registrations in June is around 11,600 units.
What is driving the demand for real estate in Mumbai?
The demand for real estate in Mumbai is driven by strong GDP growth, rising income levels, and a favourable interest rate environment.
What type of properties are in high demand in Mumbai?
Housing properties are in high demand in Mumbai, indicating a strong appetite for homeownership in the region.
What is the sentiment of buyers and investors towards the economy and future prospects?
The sentiment of buyers and investors towards the economy and future prospects is positive, reflecting confidence in the country's economic trajectory.
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