Registration of Property in Mumbai municipal region rose 5 percent to over 10,200 units during November on better housing demand, according to Knight Frank India. As many as 9,736 units were registered during November 2023.
In a statement on Saturday, real estate consultant Knight Frank India said that Mumbai city, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), recorded 10,216 property registrations in November 2024.
The data is as of 8pm on Saturday. The number might increase slightly.
Registration of properties declined in November compared to 12,960 units registered in October.
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Knight Frank India CMD Shishir Baijal said the sequential dip following the festive-driven surge in October reflects a natural phase of market consolidation.
“Significantly, the increasing demand for premium properties and larger living spaces underscores a decisive shift towards quality, value, and long-term investment in Mumbai’s ever-dynamic real estate landscape,” he added.
Earlier in August, Mumbai witnessed raise of 16 percent year on year basis. 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 Mumbai 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.
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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 Mumbai 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.
