In the month of June, around 11570 units were registered in Mumbai, the largest property market in India, with a year-over-year increase of over 12% and a sequential decline of 3.6%. The state government acquired more than Rs.1000 crore in income from the enrollments, information on its site showed.
This means that property registrations totaled over 35,000 units in the first quarter of the fiscal year. However, sales were down about 5.6% from the March quarter, which had the highest sales in the previous four quarters.
The data demonstrated that monthly sales have consistently exceeded 10,000 units since December. Regardless of increasing property costs and higher home loan rates, individuals in Mumbai have been purchasing houses particularly in the higher levels of pay.
Homes between 500 and 1000 square feet made up about 46% of the sales. This was 300 premise focuses higher from year prior. There were likewise more individuals purchasing greater sized apartments of 1000 square feet.
However, the proportion of people purchasing homes larger than 500 square feet decreased, indicating that homes at lower income levels are less affordable. This year, developers with offices in Mumbai like Godrej Properties, Oberoi Realty, and Macrotech Developers, among others, anticipate that demand will continue to grow.
Speaking to this, the Chairman & Managing Director, Knight Frank India, Shishir Baijal says, “The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai’s real estate market”.
“In the backdrop of higher property prices, home registrations have maintained their momentum, reflecting the market’s strong appetite and confidence buyers have in the country’s economic trajectory,” Baijal added.
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