Mumbai property registrations rise 12% YoY in June 2024

Mumbai witnessed a significant 12% year-on-year increase in property registrations for June 2024, driven by robust demand for housing assets, according to Knight Frank.

The data, compiled by the real estate consultancy, reveals that Mumbai city (under the jurisdiction of the Bombay Municipal Corporation) registered around 11,600 units in June, compared to 10,319 units in the same month last year. This surge in registrations has generated over ₹1000 crore in revenue for the state government.

Strong buyer confidence has kept property sales above the 10,000 mark for each of the six months in 2024. June 2024 marked the highest number of property registrations for any June in the past 12 years. This surge is attributed to increasing economic prosperity and a favourable sentiment toward homeownership.

Prashant Sharma - President, NAREDCO Maharashtra said, "This performance is a clear testament to the robust demand and growing confidence in the Mumbai real estate market. This milestone not only highlights the resilience of the sector but also underscores the positive economic environment and the strong sentiment towards homeownership. It also signifies that more individuals are now realizing the long-term value and stability that real estate investment offers. This trend reflects the concerted efforts by developers, the supportive policies of the state government, and the overall economic growth that continues to drive the housing market in Mumbai. The revenue exceeding ₹1000 crore from these registrations also demonstrates the significant contribution of the real estate sector to the state’s economy. We anticipate this upward trajectory to continue, driven by innovation, customer-centric approaches, and unwavering trust in Mumbai’s property market."

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI said, "The remarkable increase in property registrations in Mumbai for June 2024 is a clear indicator of the robust demand for housing assets in the city. This significant rise underscores the growing confidence among buyers and the overall positive sentiment towards homeownership. The Mumbai real estate market has demonstrated resilience and adaptability, consistently maintaining property sales above the 10,000 mark for each of the first six months of 2024. This continuous growth reflects the increasing economic prosperity and the favourable market conditions that are attracting both first-time homebuyers and investors."

Vedanshu Kedia, Director, Prescon Group said, "The robust growth in home sales underscores the significant demand and the priority placed on home ownership by buyers. This trend is supported by strong economic growth, favorable interest rates on home loans, and an increasing preference for luxurious living. The allure of upscale amenities and high-end features has particularly fueled this momentum in the housing market, driving higher sales figures across the luxury segment."