Mumbai's Real Estate Registrations Hit 10-Year High in September

Mumbai has seen a huge increase in property registrations, with a 23% year-over-year increase this month, totaling over 10,600 units. This surge, the highest in the past decade, can be attributed to a growing demand for housing in the city, as reported by Knight Frank India. The data includes both primary and secondary property markets. The number of registered properties within Mumbai's BMC jurisdiction reached 10,594 units. This rise comes despite the slowdown due to the start of the 'shradh' period. In response to robust demand, the central and western suburbs of Mumbai have witnessed a significant increase in property launches. Interestingly, approximately 75% of buyers in the western suburbs and 82% in the central suburbs tend to invest within their familiar micro-markets. These buyers' decisions are influenced not only by their familiarity with the location but also by the availability of properties that align with their pricing and feature preferences, as highlighted in Knight Frank India's monthly report.

Comparing these figures to the previous year, where only 8,628 units were registered in September, and the preceding month which saw 10,902 units registered, the surge in property registrations is indeed substantial. It's anticipated that these property registrations will contribute significantly, amounting to Rs 1,127 crore in revenue for the state government. Shishir Baijal, the Chairperson and Managing Director of Knight Frank India, commented on this trend, highlighting that for the first nine months of 2023, there has been a monthly average of 10,420 property transactions. This reflects a shift in preference towards more spacious and upscale accommodations, particularly those valued at Rs 1 crore and above, mirroring the upward trajectory of property prices.

Amit Goyal, Managing Director of an advisory real estate firm, emphasized the steady growth of Mumbai's luxury housing market over the past three years, suggesting that real estate has become a significant part of the portfolios of ultra-high-net-worth individuals (UHNIs). This positive sales momentum is expected to continue, especially in the luxury homes segment.