Mumbai Property Registrations Show 8% Increase in March 2024

The latest report from real estate consultant Knight Frank reveals a notable surge in property registrations in Mumbai, with an 8% rise compared to March of the previous year. As of March 31, registrations have reached approximately 14,150 units, indicating robust demand in the market. Residential units constitute a significant portion, making up 80% of the registrations.

Chairman and Managing Director of Knight Frank India, Shishir Baijal, attributes this surge to the exceptional performance of the residential real estate sector in Mumbai. He emphasizes the market's attractiveness to homebuyers, fueled by strong economic growth and favorable interest rates.

The Maharashtra government has collected over Rs 1,100 crore as stamp duty on these property registrations, underlining the significant economic activity in the sector.

Akhil Saraf, Founder and CEO of proptech firm Reloy, highlights the sustained demand for residential properties in both primary and secondary markets. Projects by reputable developers are reportedly experiencing rapid sales.

This positive trend is expected to continue, supported by economic growth and favorable market conditions, creating a conducive environment for prospective homebuyers.

The surge in property registrations signifies a promising outlook for Mumbai's real estate market, reflecting confidence among investors and homebuyers alike.

Image source- timesproperty.com