The registration of properties in Mumbai city, encompassing the jurisdiction of Brihanmumbai Municipal Corporation (BMC), witnessed a substantial surge in August, reaching 10,902 units, marking a remarkable 27% year-on-year increase. This uptick can be attributed to robust housing demand, according to real estate consultancy Knight Frank India. In August of the previous year, property registrations in the same area totaled 8,552 units, while July of this year saw 10,221 units registered.
Of the total registrations this month, approximately 80% are designated for residential purposes. This data includes both primary (fresh) and secondary (resale) markets, contributing to state government revenue collection amounting to Rs 810 crore.
Knight Frank India’s Chairman and Managing Director, Shishir Baijal, commented on the city’s thriving residential market, highlighting the rising trend among homebuyers for properties valued at Rs 1 crore and above. This trend is fueled by increasing property prices and a growing preference for more spacious accommodations. Baijal noted that the overall housing market in Mumbai continues to exhibit a positive outlook, bolstered by sustained consumer demand.
August marked the most successful month in the past decade for property registrations and revenue generation, according to the consultancy. Amit Goyal, Managing Director of India Sotheby’s International Realty, emphasized the steady growth of Mumbai’s luxury housing market over the past three years, in line with the robust residential real estate market in the country. Goyal anticipates continued strength in Mumbai’s luxury housing segment, driven by India’s rapid wealth creation and Mumbai’s potential inclusion in the list of top-20 cities with the highest number of millionaires by 2023.
However, Knight Frank data revealed that property registrations in Mumbai city during the January-August period this year reached 83,615 units, a marginal 4% decline from the 86,653 units recorded in the same period the previous year. Nevertheless, there has been a consistent upward trajectory in the percentage of registrations for properties valued at Rs 1 crore and beyond over recent years. This proportion has risen from 48% during the January-August period in 2020 to approximately 57% in January-August 2023, highlighting the city’s enduring appeal in the luxury real estate market.