Mumbai's Real Estate Sector Witnesses 12% Growth in June 2024, Boosting Economic Confidence
Mumbai's real estate sector sees a remarkable 12% year-on-year increase in property registrations for June 2024, driven by strong demand and economic stability.
Mumbai Real EstateProperty RegistrationsEconomic GrowthHousing DemandKnight FrankReal EstateJul 02, 2024
Mr. Prashant Sharma, President of NAREDCO Maharashtra, stated that this performance is a clear testament to the robust demand and growing confidence in the Mumbai real estate market. Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty and Vice President of CREDAI-MCHI, echoed these sentiments, stating that the remarkable increase in property registrations in Mumbai for June 2024 is a clear indicator of the robust demand for housing assets in the city.
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. Analysts attribute this surge to increased economic stability and a favourable outlook among prospective homeowners.
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.
Frequently Asked Questions
What is the year-on-year increase in property registrations in Mumbai for June 2024?
12%
What is the total revenue generated by property registrations in Mumbai for June 2024?
Over INR 1000 crore
What is the driving factor behind the surge in property registrations in Mumbai?
Strong demand and economic stability
What is the significance of the rise in property registrations in Mumbai?
It indicates a dynamic recovery and sustained growth trajectory for Mumbai's real estate sector
What is the outlook for the Mumbai property market heading into the second half of 2024?
Optimistic, driven by favourable economic indicators and ongoing policy support
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