Property registration in Mumbai municipal area up 8 pc in March on better demand: Report

New Delhi, Apr 1 (PTI) Registration of properties in the Mumbai municipal area rose 8 per cent to 14,149 units on strong housing demand, according to Knight Frank.

Real estate consultant Knight Frank has compiled and analysed the data from the Maharashtra government’s Department of Registrations and Stamps.

As per the data, the registration of properties in Mumbai city (area under BMC jurisdiction) stood at 14,149 units in March as against 13,151 units in the same month last year.

The registration of properties in March rose 17 per cent from the previous month that saw 12,056 units getting registered.

Out of the total registered properties, residential units constituted around 80 per cent.

Last month, the state government collected Rs 1,123 crore as stamp duty on registration of properties.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The residential real estate sector in Mumbai has continued to perform exceptionally well in March 2024. The consistent increase in property sale registrations during March highlights the market’s attractiveness among homebuyers.” “This optimistic trend is likely to persist, especially with the strong economic growth and an amenable interest rate environment in the upcoming quarters, which will support the momentum and foster a favourable environment for prospective homebuyers,” he added.

Commenting on the trend, proptech firm Reloy founder and CEO Akhil Saraf said the demand for residential properties in both primary (first sale) and secondary (resale) markets remains strong, driving registration numbers in Mumbai city.

The projects of reputed developers are getting sold very quickly, he added.