Mumbai clocks 12% growth in property registration at 11, 575 units in Jun: Knight Frank

New Delhi: The registration of properties in the Mumbai municipal region rose 12 per cent annually in June to 11,575 units on better demand for housing assets, according to Knight Frank.

Mumbai city (area under Bombay Municipal Corporation jurisdiction) saw registration of 11,575 units in June against 10,319 units in the same month last year, as per the data compiled by real estate consultant Knight Frank from the Maharashtra government portal.

However, the number of registrations in June was lower than in May, when 12,000 units were registered.

The bulk of the registration is for housing properties.

Strong buyer confidence has kept property registrations in Mumbai above the 10,000 mark for the first six months of the 2024 calendar year.

In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years, the consultant said.

Knight Frank attributed this surge to rising economic prosperity and a favourable sentiment towards homeownership.

Knight Frank India Chairman & Managing Director Shishir Baijal said, "The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market".

Despite higher property prices, he said home registrations have maintained their momentum, reflecting the market's strong appetite and confidence buyers have in the country's economic trajectory.

"This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment," Baijal said.

Commenting on the trend, proptech firm Reloy founder and CEO Akhil Saraf said, the demand for real estate continues to grow, with both end-users and investors actively purchasing properties.

"The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and confidence of buyers and investors towards the economy and future prospects," Saraf said.

He believes that demand will remain robust in the mid to long-term.

"Developers are aligning their product launches with the types of properties currently in demand," Saraf said.