Mumbai sees 10,000+ property registrations fourth month straight
Real Estate

Mumbai sees 10,000+ property registrations fourth month straight

Property registrations in Mumbai reached 10,694 units in September, marking a 24% increase from the previous year. According to the Maharashtra government website, this number represented a 2% decrease compared to the previous period.

However, data spanning the last decade revealed that this September had the highest sales volumes on record. The revenue generated from these registrations amounted to Rs 11.27 billion, reflecting a 54% year-on-year increase and a 1% sequential increase. More than 80% of the registered properties were residential, indicating sustained demand in the housing sector.

Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted the Mumbai residential market's resilience, consistently exceeding the 10,000-property mark. He mentioned that in the first nine months of 2023, there was an average of 10,420 property transactions per month.

Baijal also highlighted the anticipation among homebuyers for a stable interest rate environment, believing that such stability could strengthen the housing market, creating a favourable atmosphere for opportunities and optimism. Looking ahead, the Reserve Bank of India was expected to maintain the current interest rates at the Monetary Policy Committee meeting on October 6.

Dhaval Ajmera, Director of Ajmera Realty and Infra India, attributed the increased demand to infrastructural development and the rise in redevelopment projects across MMR (Mumbai Metropolitan Region). These factors had expanded housing options for potential homebuyers in new and emerging markets.

Property registrations in Mumbai reached 10,694 units in September, marking a 24% increase from the previous year. According to the Maharashtra government website, this number represented a 2% decrease compared to the previous period. However, data spanning the last decade revealed that this September had the highest sales volumes on record. The revenue generated from these registrations amounted to Rs 11.27 billion, reflecting a 54% year-on-year increase and a 1% sequential increase. More than 80% of the registered properties were residential, indicating sustained demand in the housing sector. Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted the Mumbai residential market's resilience, consistently exceeding the 10,000-property mark. He mentioned that in the first nine months of 2023, there was an average of 10,420 property transactions per month. Baijal also highlighted the anticipation among homebuyers for a stable interest rate environment, believing that such stability could strengthen the housing market, creating a favourable atmosphere for opportunities and optimism. Looking ahead, the Reserve Bank of India was expected to maintain the current interest rates at the Monetary Policy Committee meeting on October 6. Dhaval Ajmera, Director of Ajmera Realty and Infra India, attributed the increased demand to infrastructural development and the rise in redevelopment projects across MMR (Mumbai Metropolitan Region). These factors had expanded housing options for potential homebuyers in new and emerging markets.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Ingram Micro India Earns Sixth Great Place to Work Certification

Ingram Micro India has recently received its sixth consecutive Great Place to Work® certification, recognising the company’s efforts to build a workplace culture centred on trust, collaboration and employee development.The company said the recognition reflects its continued focus on strengthening organisational culture and improving employee experience. Over the past year, Ingram Micro India has worked on employee engagement, encouraging open dialogue, building leadership capabilities and expanding learning and development opportunities.As part of its “Elevate – Soar Higher” programme..

Next Story
Infrastructure Urban

Genesys International Appoints Nikhil Alulkar as CEO

Genesys International Corporation has appointed Nikhil Alulkar as Chief Executive Officer as the geospatial technology company enters its next phase of growth across enterprise, government and international markets.Alulkar will lead company-wide operations, business execution and growth. His responsibilities will include scaling Genesys’ AI-native mapping and Digital Twin platforms, expanding its enterprise and B2B presence, strengthening government and institutional relationships, and developing the operating structure required for international expansion.The appointment comes as Genesys lo..

Next Story
Real Estate

B-Right Real Estate Targets 4.7 Mn Sq Ft Mumbai Growth by 2033

B-Right Real Estate Group has outlined plans to develop approximately 4.7 million sq ft of real estate in Mumbai by 2033 as part of its long-term Vision 2033 roadmap. The company said its expansion strategy will remain focused on Mumbai, with redevelopment-led projects forming a key part of its portfolio.Founded in 2007, B-Right Real Estate has been involved in redevelopment and Slum Rehabilitation Authority (SRA) projects across Mumbai. Its Vision 2033 strategy focuses on financial discipline, governance, design and community-oriented development as it expands its project pipeline.Founder, Ch..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement