Registration of properties in Mumbai city up 78% in May at 9,523 units

Registration of properties in Mumbai municipal area rose by 78 per cent year-on-year to 9,523 units during this month, according to property consultant Knight Frank India.

As many as 5,360 properties were registered in Mumbai city (BMC area) during May 2021.

The registration data is for properties bought in both primary and secondary (re-sale) market.

"May 2022 recorded property sale registration of 9,523 units denoting a 78 per cent Y-o-Y rise. The substantial rise comes on the back of low sales registrations recorded in May 2021 as the month was laced in lockdown due the impact of 2nd wave of Covid-19," Knight Frank said in a statement.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said the real estate market in Mumbai held steady despite the pressures of inflation, rising input costs and rise in stamp duty.

"Owing to a paradigm shift in attitude, home buyers, that now consider ownership important for long term stability, were keen on completing their purchases while the affordability remained within the acceptable range," he said.

The consultant said that 85 per cent of property registrations in May 2022 were for residential deals while commercial property deals contributed 10 per cent of the total deals registered in May 2022.

In Mumbai's primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are the major players.