Mumbai Property Registrations Likely to Increase 7% in August

03 Sep 2024 CW Team

Property registrations in Mumbai?s municipal region are projected to rise by 7% annually in August, reaching around 11,650 units, according to Knight Frank India. This increase is attributed to strong demand in both primary and secondary property markets.

Based on data from the Maharashtra government, Knight Frank India reported that Mumbai city, within the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), has recorded 11,631 property registrations as of 8:15 PM on August 31. This number is expected to increase slightly to approximately 11,650 units by the end of the month. In August 2023, the city registered 10,902 properties.

The state government is anticipated to earn more than ?10.5 billion from these property registrations. Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted that the Mumbai residential market has maintained strong momentum in 2024, with consistent year-on-year growth in monthly sales.

?Sustained buyer confidence has resulted in consistent sales on a monthly basis, exceeding 10,000 units for the first eight months of the year,? the consultant noted. Baijal attributed this steady performance to a strong economic outlook and stable interest rates, which have positively influenced homebuyer sentiments and fueled continuous sales in the Mumbai property market.

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