Registration of properties in Mumbai city may rise 33 per cent in December: Frank Knight

File Photo/Pradeep Dhivar

Registration of properties in Mumbai municipal area, under the jurisdiction of Brihanmumbai Municipal Corporation, is likely to rise by 33 per cent annually to around 12,500 units during this month on better demand, according to real estate consultant Knight Frank.

As many as 9,367 properties were registered in Mumbai city (area under BMC jurisdiction) during the same month last year.

Knight Frank India has compiled the data of registration of properties from Department of Registrations and Stamps, Maharashtra government, newswire PTI reported.

As per the latest data of December, 12,134 units were registered till 12 noon and the number is set to reach around 12,500 units by late evening.

"Homebuyers in Mumbai continue to demonstrate confidence in the property market, buoyed by stable demand and an enhanced positive sentiment. This optimism has resulted in a significant surge in property registrations in Mumbai," the consultant said in a statement on Saturday.

Also read: Mumbai: BMC blindly increases property tax by 15-20 per cent

Of the overall registered properties, residential units constitute 80 per cent.

Mumbai city is estimated to see registrations of more than 1,27,000 units this year and will lead to revenue collection of more than Rs 10,000 crore.

Mumbai city is set to record the highest registration of properties in 11 years. It will surpass the number achieved in the 2022 calendar year at 1,22,035 units.

Knight Frank CMD Shishir Baijal said the demand has been driven by rising income levels, better affordability, and a positive homeownership outlook.

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"Notably, a 57 per cent increase in share of high-value property registrations attests to the robustness of the market," he said.

Supported by stable interest rates and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai's real estate momentum, Baijal said.

Meanwhile, the Mumbai civic body, Brihanmumbai Municipal Corporation has delivered a blow to citizens with an unannounced increase of 15-20 per cent in their bill amount as compared to last year. The bills have been issued with a footnote stating that they are being issued on a security/ad-hoc basis until a final policy decision regarding property tax is made.

The move drew criticism from former corporator Asif Zakaria who wrote to the civic commissioner alleging that the BMC has been collecting extra tax from citizens - from 2010 to 2023 - and now instead of a refund, more of the taxpayers' money is being grabbed. (With inputs from PTI)