Mumbai sees 12 pc growth in property registrations in June: Knight Frank

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Property registrations in the Mumbai municipal region rose by 12 per cent year-on-year in June, reaching 11,575 units due to increased demand for housing, according to Knight Frank. According to data from the Maharashtra government web, collated by real estate expert Knight Frank, Mumbai city (under Brihanmumbai Municipal Corporation jurisdiction) registered 11,575 units in June, up from 10,319 units the previous year. However, this was slightly less than May's 12,000 registrants, reported PTI.

Per the PTI report, the majority of these registrations were for housing properties. Strong buyer confidence has kept monthly property registrations in Mumbai above 10,000 throughout the first half of 2024. June 2024 saw the largest number of property registrations of any June in the previous 12 years.

Knight Frank credited this growth to increased economic prosperity and a positive attitude towards homeownership. The PTI report quoted Shishir Baijal, Chairman & Managing Director of Knight Frank India, stating, "The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market".

Despite rising property prices, Baijal highlighted that home registrations have remained solid, indicating buyers' confidence in the country's economic prospects. He expects this upward trend to continue, fueled by solid GDP growth, growing income levels, and low interest rates, the report added.

"This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment," Baijal said.

Akhil Saraf, founder and CEO of proptech startup Reloy, commented on the trend, stating that real estate demand is increasing, with both end users and investors actively buying homes. He emphasised that the increase in average revenue collection from stamp duty and registration fees reflects rising property prices. Despite this, demand is strong, demonstrating buyer optimism about the economy and its prospects, the news agency reported.

"The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and confidence of buyers and investors towards the economy and future prospects," Saraf said, per the report, and added, "Developers are aligning their product launches with the types of properties currently in demand."