Mumbai's Sizzling Real Estate Market Defies Gravity Amid High Prices
Knight Frank reports a 12% surge in property registrations in Mumbai, driven by strong housing demand and economic prosperity.
Mumbai Real EstateProperty RegistrationsKnight FrankReloyEconomic GrowthReal Estate MaharashtraJun 30, 2024
Despite a slight dip from May's 12,000 registrations, the majority of registrations were for housing properties. Buyer confidence has kept registrations above 10,000 for the first six months of 2024, with June marking the highest for any June in the past 12 years. Shishir Baijal, Knight Frank India Chairman & MD, stated that the ongoing annual growth in property sale registrations highlights the resilience of Mumbai's real estate market.
Even with higher property prices, home registrations remain robust, reflecting strong market appetite and confidence in the country's economic trajectory. According to Baijal, this positive trend is expected to continue, fueled by strong GDP growth, rising incomes, and favorable interest rates.
Akhil Saraf, founder and CEO of proptech firm Reloy, commented on the sustained demand from both end-users and investors. He believes that the increase in stamp duty and registration fee revenue also points to rising property prices. Yet, demand stays strong, reflecting buyers' and investors' positive sentiment towards the economy and future prospects.
Developers are aligning their product launches with current market demand, and Saraf expects demand to remain strong in the mid to long-term. The Mumbai real estate market's resilience is a testament to the city's enduring appeal as a hub for economic growth and development.
Information
Knight Frank is a global real estate consultancy firm that provides market insights and analysis.
Reloy is a proptech firm that provides innovative solutions for the real estate industry.
Frequently Asked Questions
What was the percentage increase in property registrations in Mumbai in June?
12%
What was the total number of property registrations in Mumbai in June?
11,575 units
What is the expected trend in Mumbai's real estate market according to Knight Frank?
Positive, fueled by strong GDP growth, rising incomes, and favorable interest rates
What is the sentiment of buyers and investors in the Mumbai real estate market?
Positive, reflecting confidence in the country's economic trajectory
What is the impact of higher property prices on home registrations in Mumbai?
Minimal, with demand remaining strong despite higher prices
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