Mumbai Property registrations soar 26% in October 2023

In October, property registrations in the Mumbai municipal region saw a significant annual increase of 26%, reaching a total of 10,607 units, as reported by Knight Frank India. This surge marked a notable rise from the 8,422 properties registered in the same month the previous year within Mumbai city's BMC jurisdiction. Residential units constituted 80% of the total registered properties. October 2023 witnessed the highest number of registrations in the past 11 years, indicating a robust real estate market. Shishir Baijal, Chairman & Managing Director of Knight Frank India, highlighted the enduring strength of the Mumbai residential real estate sector, consistently surpassing 10,000 property transactions. Boman Irani, President of CREDAI, noted that the positive trend in property registrations and housing sales during October reflects homebuyers' optimism, especially during the festive season. Irani emphasised several factors contributing to this trend, including the auspicious time to purchase a house, increased preference for buying over renting, and homebuyers opting for larger homes. Developers offering discounts and bonuses have empowered homebuyers, enabling them to invest in more spacious and tailored residences, aligning with their evolving lifestyle needs. Irani also attributed the market's momentum to a relatively stable lending environment and robust economic growth, which have further bolstered the real estate sector.