In Mumbai the locality under BMC jurisdiction witness manifold growth in property registration this year. In July 2024, 12,160 immovable assets were registered contributing to a share of Rs. 1,055 crore to the State fund.
It also marks 19% frequent YoY (year-on-year) growth in property registrations. Furthermore, a 27% ascend in revenue for the same of 2023. The strong confidence of property buyers reflects a hike in the sales figure for the first seven months of 2024. With this constant increase, it is the straight eleventh month of growth in property registration from August 2023.
India’s financial capital recorded the highest number of property registrations in July 2024. It is the highest for any July in the last decade.
The escalation in property prices and property ownership sentiment amid investors set the path for an economically prosperous future. In July 2024, only residential units had an 80% share in property registration in Mumbai.
From January to July 2024, Mumbai, the financial capital of India witnessed a remarkable business in the property market. During this timeframe, the city recorded registration for 84,653 properties. It soars 16% growth in YoY from 72,713 property registrations in the same period of 2023. It gained revenue of 6,929 crore, 7% more than Rs. 6,452 crore in the last year.
Also, the increase is visible every month. Mumbai witnessed the registration of 12,093 properties per month. They were 16% more than the figure of 2023. In the last year, the registrations were recorded for 10,388 properties.
The average monthly revenue due to this rose by 7% to Rs. 987 crore in 2024, as compared to Rs. 922 crore in the last year.
Mumbai, India’s financial capital has a strong ownership sentiment reflecting property registration numbers.
