Property Registrations surges 24% in September 2023 to 10694 units
Property registrations in the Mumbai municipal area surged by 24 per cent in September 2023, reaching approximately 10,694 units, with 82 per cent of them being residential properties. This notable increase in property registration also marks the highest level in the past decade and can be attributed to a growing demand for housing, as reported by Knight Frank India.
City Air News
Oct 3, 2023 08:15
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Property registrations in the Mumbai municipal area surged by 24 per cent in September 2023, reaching approximately 10,694 units, with 82 per cent of them being residential properties. This notable increase in property registration also marks the highest level in the past decade and can be attributed to a growing demand for housing, as reported by Knight Frank India.
As many as 8,628 units were registered during September last year. In the previous month, 10,902 units were registered. Revenue from the registrations were at ₹1127 crore, up 54 per cent as compared to last year and up one per cent as compared to the previous month.
Here is what real estate experts have to say:
Sandeep Runwal - President, NAREDCO Maharashtra
"The robust response from homebuyers during the month of Ganesh Utsav indicates the positive sentiments towards home ownership despite higher mortgage rates. Based on the current enquiry levels, we can certainly see a strong sales momentum in the upcoming festive season starting with Navratri."
Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
"The excellent property sale figures have once again highlighted the strong housing demand that Mumbai is presently witnessing. The importance of the need for home ownership is being felt now, more than ever before. The government’s positive policy measures coupled with strong infrastructure growth, rising income levels and positive market sentiments, have all fuelled this growth. We can expect this momentum to continue given the ongoing festive season which can propel housing demand and sales even further."
