Property Registration in Mumbai upsurges 8%, records14,150 units registered

Avanse Financial Services secured the most expensive check valued at $120 million from a consortium led by Mubadala Investment Company, an investment firm based in Abu Dhabi. Subsequently, Pocket Fm, an OTT platform, successfully obtained $105 million.Knight Frank, a real estate consultancy firm, has reported that the registration of properties in Mumbai city, which falls under the jurisdiction of the BMC, has reached a total of approximately 14,150 units as of 6.30 pm on March 31st. 

It is anticipated that this number could further increase to a range of 14,250-14,300 units by the time the registration window closes on Sunday.In March of the previous year, a total of 13,151 units were recorded. Residential units make up 80 percent of all registered properties.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that the residential real estate market in Mumbai has shown remarkable performance in March. The steady rise in property sale registrations throughout the month underscores the appeal of the market to potential homebuyers.

He further added,"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."

The stamp duty collected on property registrations by the Maharashtra government exceeded Rs. 1,100 crore.

Akhil Saraf, the Founder and CEO of proptech firm Reloy, remarked on the trend by stating that there is a robust demand for residential properties in both primary (first sale) and secondary (resale) markets, which is leading to an increase in registration numbers in Mumbai city.

He mentioned that the properties developed by well-known developers are being sold at a rapid pace.