Registration of properties in Mumbai rises 11% in Apr to 11,628 units: Report

Registration of properties in the Mumbai municipal area rose 11 per cent in April to 11,628 units mainly on strong housing demand, according to Knight Frank. In April 2023, the registration of properties in Mumbai stood at 10,514 units. In March 2024, the registration of properties stood at 14,145 units. According to Knight Frank, the registration of properties stood at 11,628 units last month.

"The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai's property registrations consistently exceeding the 10,000 mark for the fourth consecutive month in 2024," Knight Frank said.

Of the overall registered properties, residential units constitute 80 per cent.Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged, highlighting the market's attractiveness to potential homebuyers.

This positive momentum is expected to persist, driven by robust economic growth and stable interest rates which are expected to remain constant," he said. In April 2024, the consultant highlighted that Mumbai city has clocked the second-highest number of property registrations for the month of April in over 12 years.

In April 2024, there was an increase in registration of apartments measuring up to 500 sq ft, rising to 45 per cent of all registrations. Conversely, the share of apartments ranging from 500 sq ft to 1,000 sq ft stood at 40 per cent. The share of larger apartments measuring 1,000 sq ft and above stood at 15 per 
cent.

Commenting on the trend, proptech firm Reloy founder and CEO Akhil Saraf said the Mumbai property market has been performing exceptionally well post-COVID pandemic. "Sales have increased in both primary (first sale) and secondary (resale) markets and therefore registration numbers are also up," said Saraf who helps builders in generating referral sales from customers.