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
Related News Articles
Maharashtra's Realty Sector Falls Short: Only 195 Projects Comply with MahaRERA's Grievance Cell Order
A mere 195 out of 31,500 ongoing real estate projects in Maharashtra have set up grievance cells to address homebuyers' complaints, as directed by MahaRERA.
Kolkata's Real Estate Giant Unveils Private Sports Facility Inspired by NCA
Sandeep Patil, former India cricketer, has been appointed as the head of a new private sports facility in Kolkata, inspired by the National Cricket Academy in Bengaluru.
Momentum Experiences Marks 20th Anniversary with an Unforgettable Soulful Musical Event
Momentum Experiences, a leading event management company, celebrated its 20th anniversary with a soulful musical event that brought together some of the most prominent figures from various industries.
Mumbai Property Registrations Drop 16% MoM in November Due to Elections, Affordable Housing Policies
According to the latest data from the Maharashtra government, a total of 9,419 properties were registered in Mumbai in November, marking a 16% decline compared to the previous month. This significant drop is attributed to the impact of elections and new a
MahaRERA Freezes Accounts of 1,950 Stalled Real Estate Projects to Protect Buyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has frozen the bank accounts of more than 1,950 real estate projects to protect homebuyers from potential fraud and delays.
Pride World City: The Ideal Choice for Homebuyers in Pune
Discover the 400-acre Pride World City, a township designed to offer a balanced and future-ready lifestyle. The real estate landscape in Pune has seen significant changes, making it a prime location for aspiring homeowners.