Mumbai Real Estate Market Shows Resilience with 8% Increase in Property Registrations
Mumbai, 1st April 2024: In a positive development for Mumbai’s real estate market, property registrations in the city have seen an 8% increase this month compared to the same period last year, according to a report by real estate consultant Knight Frank. This surge indicates strong demand for properties despite prevailing economic uncertainties.
As of 6:30 pm on March 31st, registrations of properties in Mumbai city, under the jurisdiction of the BMC, stood at approximately 14,150 units. Knight Frank predicts this number could reach between 14,250 to 14,300 units by the end of the registration window on Sunday. Last March, 13,151 units were registered, marking a significant increase in demand this year, with residential units accounting for 80% of the total registrations.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed optimism about Mumbai’s residential real estate sector’s performance, citing the consistent rise in property sale registrations. He attributed this trend to the market’s attractiveness among homebuyers, anticipating it to continue due to strong economic growth and an amenable interest rate environment in the upcoming quarters.
The Maharashtra government has benefited from this surge, collecting more than Rs 1,100 crore in stamp duty on property registrations. Akhil Saraf, Founder and CEO of proptech firm Reloy, remarked on the trend, noting that demand for residential properties remains robust in both primary and secondary markets. Saraf highlighted the swift sales of projects by reputed developers as a contributing factor to the increased registration numbers in Mumbai city.
Transitioning to infrastructure, Mumbai’s Coastal Road project is poised to become a game-changer for real estate in the region. This ambitious endeavour, a state-of-the-art expressway tracing Mumbai’s western coastline, is set to revolutionize the area’s infrastructure and real estate landscape.
The Coastal Road project aims to alleviate traffic congestion and enhance connectivity between Mumbai’s northern and southern sectors, promising benefits for commuters and real estate investors alike. With its completion, the western suburbs of Mumbai are expected to experience a surge in property values and attract new investments, heralding a new era of development for the city.
