Registration of properties in Mumbai city rises 8 pc to 14,150 units this month: Report

Representation image. File Pic

Registration of properties in Mumbai city has gone up 8 per cent so far this month to around 14,150 units compared to March last year, reflecting strong demand, according to a report.

Real estate consultant Knight Frank said the registration of properties in Mumbai city (area under BMC jurisdiction) has reached nearly 14,150 units by 6.30 pm on March 31. The number could reach 14,250-14,300 units till the closure of window on Sunday.

In March last year, 13,151 units were registered. Of the overall registered properties, residential units constitute 80 per cent.

Also Read: Lok Sabha elections 2024: Will the housing market create another peak in 2024?

Knight Frank India Chairman and Managing Director Shishir Baijal said, "The residential real estate sector in Mumbai has continued to perform exceptionally well in March. 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.

The Maharashtra government had collected more than Rs 1,100 crore as stamp duty on registration of properties.

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.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.