Registration Of Properties In Mumbai City May Rise 33% In December: Report

Registration of properties in Mumbai municipal area is likely to rise by 33 pc annually to around 12,500 units during this month on better demand, according to Knight Frank.

As many as 9,367 properties were registered in Mumbai city (area under BMC jurisdiction) during the same month last year.

Real estate consultant Knight Frank India has compiled the data of registration of properties from Department of Registrations and Stamps, Maharashtra government.

As per the latest data of December, 12,134 units were registered till 12 noon and the number is set to reach around 12,500 units by late evening.

"Homebuyers in Mumbai continue to demonstrate confidence in the property market, buoyed by stable demand and an enhanced positive sentiment. This optimism has resulted in a significant surge in property registrations in Mumbai," the consultant said in a statement on Saturday.

Of the overall registered properties, residential units constitute 80 per cent. Mumbai city is estimated to see registrations of more than 1,27,000 units this year and will lead to revenue collection of more than Rs 10,000 crore.

Mumbai city is set to record the highest registration of properties in 11 years. It will surpass the number achieved in the 2022 calendar year at 1,22,035 units.

Knight Frank CMD Shishir Baijal said the demand has been driven by rising income levels, better affordability, and a positive homeownership outlook.

"Notably, a 57 per cent increase in share of high-value property registrations attests to the robustness of the market," he said.

Supported by stable interest rates and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai's real estate momentum, Baijal said.