Property registrations in Mumbai to touch 11-year high

05 Dec 2023 CW Team

Mumbai is poised to register its most successful November for property registrations in the last 11 years, driven by rising income levels and a positive outlook on homeownership, according to a Knight Frank India report.

According to the property consultant?s estimate, Mumbai City or the area under Brihanmumbai Municipal Corporation (BMC) is expected to witness 9,548 property registrations in November, reflecting a 7 per cent increase compared to the same month last year. This will contribute Rs 697 crore to the state government revenues from stamp duty, up by 2 per cent compared to the same month preceding year.

?Besides the strong sense of home ownership, rising income levels, stable home loan interest rates coupled with a moderate rise in property prices have contributed to the cause of affordability in Mumbai, a crucial factor that will help sustain the momentum of housing sales in Mumbai,? said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Builders attribute the rise in property sales to several factors, including the pause in interest rate hikes, incentives offered by real estate developers, and schemes attracting first-time buyers.

According to the report, of the overall registered properties, residential units constitute 80 per cent, and the remaining 20 per cent constitute non-residential assets.

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