Mumbai sees 12 per cent rise in property registrations at 12,249 units in Jan

Property registrations in the Mumbai municipal region rose 12 per cent on year to 12249 units in January on strong housing demand according to Knight Frank India reported news agency PTIIn January last year 10967 units were registered in the regionThe property registrations stood at 12418 units in December last yearReal estate consultant Knight Frank India said in a statement that Mumbai city an area under Brihanmumbai Municipal Corporations jurisdiction in January recorded 12249 property registrations the highest in 13 years for the month of January reported PTIMumbais residential market entered 2025 with strong momentum with January witnessing a yearonyear rise in registrations Shishir Baijal chairman and managing director of Knight Frank India said reported PTIWhile the months registration volume was the highest for any January on record a sequential decline in both registrations and revenue collection was observed he addedThis may not be considered alarming as historically as has seen a monthonmonth decline however one should watch the space keenly Notably data indicates sustained strength in the premium segment Baijal said reported PTICommenting on the growth in registration numbers proptech firm Reloy founder and CEO Akhil Saraf said this reflects that housing demand continues to be strong after the end of the festive seasonProperty registrations in Mumbai city hit 13yearhigh in 2024 at over 141 lakh unitsMumbai city saw an 11 per cent increase in property registrations in 2024 reaching 141202 units mdash a 13year high mdash driven by strong housing demand according to Knight Frank IndiaIn December 2024 the city under the jurisdiction of the Brihanmumbai Municipal Corporation BMC recorded 12418 property registrations generating Rs 1134 crore in revenue for the state exchequer as per the real estate consultantrsquos report citing government data Residential properties made up 80 per cent of the total registrations in December news agency PTI reportedIn December 2023 12285 properties were registeredThe total number of property sales registrations for the year 2024 will reach 141202 while the revenue generated from property registrations for the year is estimated to stand at Rs 12141 crore Both these figures represent a new 13year high the statement saidProperty registrations from January to December 2024 grew by 11 per cent yearonyear driving the fastest revenue growth in a decade at 12 per cent This trend reflects evolved homebuyer preferences for quality and value The data also indicates Mumbais real estate market as a key driver of economic activity and an attractive longterm investment said Shishir Baijal Chairman and Managing Director of Knight Frank IndiaWith inputs from PTI