Property registrations in the Mumbai municipal region increased by 22% in May, reaching 12,000 units due to strong housing demand, according to real estate consultant Knight Frank. Maharashtra government data shows that Mumbai (under BMC jurisdiction) recorded around 12,000 property registrations last month, up from 9,823 units in May last year.
The state exchequer collected ₹1,034 crore in May 2024, a 24% increase from the same month last year. Residential units made up 80% of the registered properties in May 2024.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, said, “The steady year-on-year growth in property sales and registrations continues the growth initiated by state government incentives. Despite higher average prices, sales and registrations remain strong.”
Baijal added that this trend shows market appetite and buyer confidence in the country’s economic fundamentals. “This positive trend is expected to persist, supported by strong economic growth and favorable interest rates, creating a welcoming environment for potential buyers,” he said.
In the first five months of this year, 60,820 properties were registered, a 17% increase from 52,173 units in January-May 2023.
Source: Mint
