Registration of homes in Mumbai city up 8% to 8,576 units in Oct

Registration of housing properties in Mumbai municipal region rose 8 per cent year-on-year (Y-O-Y) to 8,576 units in October on higher demand during the ongoing festive season and low interest rates on home loans, according to Knight Frank India.

The registration of housing properties stood at 7,929 units during October 2020 and 7,929 units in September this year.

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

"October 2021 recorded total property sale registrations of 8,576 units. Registrations in October were higher by 8 per cent y-o-y over same month last year and 10 per cent higher than September 2021," property consultant Knight Frank said.

As compared to pre-pandemic October 2019, registrations grew by 48 per cent in October 2021.

Commenting on the registration data, Gulam Zia, Senior Executive Director, Knight Frank India said: "The healthy growth in the residential property registrations volume is a sign of recovering markets. A consistent increase captured in last few months demonstrates the strength of demand in the market as this continued surge in demand is despite the roll back of government's stamp duty demand stimulant."

The continuous growth has led to a new lease of life to the residential markets and developers too are preparing for a stellar festive period this year, he added.

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.