Property registration in Mumbai likely to rise 7% in Aug on strong demand

Registration of properties in Mumbai municipal region is likely to rise 7 per cent annually in August to around 11,650 units on strong demand, according to Knight Frank India.

Citing Maharashtra government data, real estate consultant Knight Frank India said that Mumbai city (area under BMC jurisdiction) has recorded 11,631 property registrations so far in the month of August.

The data is till 8.15 pm on Saturday, August 31 and the number is likely to increase slightly to around 11,650 units.

In August 2023, the Mumbai city saw registration of 10,902 properties.

The data pertains to registration of properties transacted in both primary (first sale) and secondary (resale) markets.

The state government is expected to earn more than Rs 1,050 crore from the registration of these properties.

"Sustained buyer confidence has resulted in consistent sales on monthly basis, exceeding 10,000 units for the first eight months of the year," the consultant said.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, Mumbai's residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth.

"The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales," he said.