In a recent report by real estate consultancy firm Knight Frank, it has been revealed that property registrations in Mumbai city have witnessed an 8 percent surge this month compared to March of the previous year. The data indicates that registrations have reached approximately 14,150 units within the area under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) as of 6:30 pm on March 31st.
Analysts suggest that the tally could further escalate to a range between 14,250 and 14,300 units by the closure of the registration window on Sunday. This notable increase in registrations reflects a robust demand within the real estate market.
In March last year, 13,151 units were registered. Of the overall registered properties, residential units constitute 80 per cent. Knight Frank India Chairman and Managing Director Shishir Baijal said, The residential real estate sector in Mumbai has continued to perform exceptionally well in March. The consistent increase in property sale registrations during March highlights the market's attractiveness among homebuyers.
The positive trajectory is expected to continue, particularly given the robust economic growth and favorable interest rate conditions anticipated in the forthcoming quarters. This outlook is poised to sustain momentum and create a conducive atmosphere for potential homebuyers, remarked the spokesperson.
The Maharashtra government had collected more than Rs 1,100 crore as stamp duty on registration of properties. Commenting on the trend, proptech firm Reloy Founder and CEO Akhil Saraf said the demand for residential properties in both primary (first sale) and secondary (resale) markets remains strong, driving registration numbers in Mumbai city. The projects of reputed developers are getting sold very quickly, he added.