Property registrations in the Mumbai municipal region saw a significant uptick of 22 percent in May, reaching 12,000 units, driven by robust housing demand, as per insights from real estate advisor Knight Frank.
Quoting data from the Maharashtra government, Knight Frank India reported that Mumbai city, encompassing the area under BMC jurisdiction, witnessed approximately 12,000 property registrations last month, compared to 9,823 units in May of the previous year.
“The consistent year-on-year increase in property sales and registrations indicates a sustained growth trajectory, supported by state government incentives. Despite an upward trend in average property prices across the city, property sales and registrations have maintained their momentum,” remarked Shishir Baijal, Chairman & Managing Director of Knight Frank India.
This surge underscores the market’s enthusiasm and the confidence buyers have in the country’s economic fundamentals, Baijal emphasized. He further stated, “This favorable trend is anticipated to continue, bolstered by robust economic growth and a conducive interest rate environment, fostering an optimistic atmosphere for prospective buyers.”