Mumbai city registers 12% increase in property registrations in Jan-Sep

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Registration of properties in the Mumbai municipal region rose 12 per cent year-on-year to 1,05,608 units in January-September 2024 on better demand, according to Knight Frank.

Property registrations in Mumbai city (under BMC jurisdiction) stood at 94,309 units during the year-ago period.

"In September 2024, Mumbai surpassed 1,00,000 property registrations, achieving this milestone faster than any other time in the past decade. In 2023, this mark was achieved in October," real estate consultant Knight Frank India said in a statement.

This sustained momentum in property transactions stems from the rising economic prosperity and growing preference for home ownership among Mumbai's residents, it added.

In September 2024, Mumbai recorded 9,111 property registrations against 10,694 units in the same month last year.

Knight Frank has compiled the data on the registration of properties from the Department of Registrations and Stamps, Maharashtra government. The data includes sales in both primary (fresh) and secondary (re-sale) markets.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "Mumbai's residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 1,00,000 property registrations -- the fastest pace in a decade".

Steady homebuyer confidence, driven by a positive economic outlook and stable interest rates, led to robust sales throughout the first nine months of the year, he added.

Akhil Saraf, founder and CEO of proptech firm Reloy, said the demand for housing continues to grow steadily, and so does the increase in registration numbers.

"We expect this trend to persist, especially with the festive season approaching and the anticipation of an interest rate cut by the RBI in the upcoming monetary policy review. This expectation is further supported by the recent 50 bps rate cut by the Federal Reserve, which has been followed by other countries, fuelling optimism for a similar move in India," Saraf said.