Mumbai property registrations set to surge 26% in August, highest in 10 years: Report

Property registrations in the Mumbai municipal area are projected to surge by 26% year-on-year in August, reaching around 10,800 units, the highest in a decade, driven by robust housing demand, according to Knight Frank India.

As of Thursday afternoon, property registrations in Mumbai city, falling under BMC jurisdiction, had already exceeded 10,600 units. This marks a significant increase from the 8,552 units registered in the same period last year and the 10,221 units registered the previous month.

Around 80% of the registrations this month pertain to housing transactions in both the primary (fresh) and secondary (resale) markets. The surge is expected to yield revenue collection of over Rs 800 crore for the state government.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted that Mumbai's residential market remains strong due to growing interest from aspiring homeowners. The registration of properties valued at Rs 1 crore and above has notably risen, driven by elevated property prices and a preference for more spacious accommodations.

Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, highlighted the confidence among Mumbai's homebuyers in the residential real estate segment, attributing it to the desire for better living spaces and ongoing infrastructural developments in the city.

Amit Goyal, Managing Director of India Sotheby's International Realty, emphasized the steady rise of Mumbai's luxury housing market over the past three years. With wealth creation in India accelerating and Mumbai poised to become one of the top 20 cities globally with the most millionaires by 2023, the luxury housing market is expected to maintain its strength.

Knight Frank data suggests that property registrations in Mumbai city are projected to exceed 83,500 units. Notably, the percentage of property registrations for properties valued at Rs 1 crore and above has risen from 48% in January-August 2020 to approximately 57% during the same period in 2023, indicating an ongoing trend of high-value property transactions.