Property registration in the Mumbai municipal area surged by 11 percent in April, reaching 11,628 units, driven by a strong demand for housing, reports Knight Frank. This figure marks a notable increase from the 10,514 units registered in April 2023. However, it slightly declined from the 14,145 units recorded in March 2024.
Knight Frank reported that property registrations reached 11,628 units last month. "The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai’s property registrations consistently exceeding the 10,000 mark for the fourth consecutive month in 2024," stated Knight Frank.
Residential units comprise 80 percent of the total registered properties, indicating a significant predominance in the registration statistics.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged, highlighting the market’s attractiveness to potential homebuyers. This positive momentum is expected to persist, driven by robust economic growth and stable interest rates which are expected to remain constant,” he said.
The consultant highlighted that Mumbai city achieved the second-highest number of property registrations for the month of April in over 12 years in April 2024. Additionally, there was a notable uptick in the registration of apartments measuring up to 500 sq ft, accounting for 45 percent of all registrations during the same period.