Mumbai's Real Estate Market Soars to New Heights with 12-Year High in Property Registrations
Mumbai's property registrations hit a 12-year high in June 2024, with a significant increase in revenues and registrations, indicating a resilient and strong real estate market.
Real EstateProperty RegistrationsMumbaiKnight FrankAjmera RealtyReal EstateJun 29, 2024
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in the first half of the year. The market has seen consistent yearly growth in registrations for eleven months since August 2023. In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years.
The rise in property registrations can be attributed to rising economic prosperity and a favourable sentiment towards homeownership. Additionally, the average government revenue collection in the first six months of 2024 was 8% higher than the average of Rs 906 Crore witnessed in CY 2023.
The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market. In the backdrop of 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.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, this positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment, creating an encouraging atmosphere for potential buyers.
In terms of property sizes, there was a noticeable increase in the registration of apartments measuring between 500 sq. ft. and 1,000 sq. ft., accounting for 46% of all property registrations. The share of western suburbs has fallen from 58% in June, 2023 to 49% in June, 2024, while Central Suburbs has recorded a jump in share as compared to June 2023.
Dhaval Ajmera, Director of Ajmera Realty & Indra India Ltd, attributed the upward trajectory of housing demand to the connectivity boost across the city, along with the redevelopment boom redefining the skyline of the financial capital. He also highlighted the role of a robust economy fuelling liquidity in the hands of the masses and the need for a lifestyle upgrade in propelling demand, especially in the mid and luxury segment.
Frequently Asked Questions
What is the significance of Mumbai's property registrations in June 2024?
Mumbai recorded the highest number of property registrations for any June month in the past 12 years, indicating a resilient and strong real estate market.
What factors contributed to the rise in property registrations in Mumbai?
Rising economic prosperity, favourable sentiment towards homeownership, and a robust economy fuelling liquidity in the hands of the masses contributed to the rise in property registrations.
What is the share of western suburbs in property registrations in June 2024?
The share of western suburbs has fallen from 58% in June, 2023 to 49% in June, 2024.
What is the average government revenue collection in the first six months of 2024?
The average government revenue collection in the first six months of 2024 was Rs 974 crore, 8% higher than the average of Rs 906 Crore witnessed in CY 2023.
What is the outlook for Mumbai's real estate market?
The positive trend in property registrations is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment.
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