Mumbai property registrations rise 21% y-o-y in January

January 31st, 2024

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Mumbai saw 10,927 units registered in January, up over a fifth from year ago and the highest registrations for the month in 12 years. Around 80 per cent of the registrations were residential units.

The State government earned revenue of ₹757 crore from the registrations, up 9.4 per cent on year, State government data showed. The registrations were however, lower compared to December when more than 12,000 units were registered with ₹932 crore of revenue. Mumbai accounts for around half the property market in the country in terms of value.

Significant surge

According to Knight Frank India’s analysis around 58 per cent of the registered properties were worth over ₹1 crore. The data also showed that there was an increase in the share of apartments measuring up to 500 square feet at 48 per cent from 35 per cent year ago. There was a dip in the share of houses in the size range 500 to 1000 square feet at 43 per cent from 48 per cent year ago. There was also a steep dip in the share of larger sized houses.

“The sustained strength in the premium segment, marked by a significant surge to 58 per cent in January sales share, underscores the market’s resilience and attractiveness,” said Knight Frank India’s CMD Shishir Baijal. He said the positive trajectory was expected to continue “especially with the anticipated strong economic momentum and potential easing of interest rates throughout the year, fostering a conducive environment for homebuyers."

Source: thehindubusinessline.com

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