Mumbai city sees 12,000 property registrations in May, up 22% annually

Registration of properties in Mumbai municipal region increased 22 per cent during May to 12,000 units driven by strong housing demand, according to real estate consultant Knight Frank.

Citing Maharashtra government data, Knight Frank India said Mumbai city (area under BMC jurisdiction) recorded around 12,000 property registrations last month as against 9,823 units in May last year.

State exchequer garnered Rs 1,034 crore in May 2024, up 24 per cent from the same month last year. Of the overall registered properties in May 2024, residential units constituted 80 per cent.

"The continuous year-on-year growth in property sales and registrations provides a continuum to the growth story that propelled on the back of state government incentive and since then, despite a rise in average prices across the city, sales and registrations of properties have maintained the momentum," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This reflects the appetite of the market as well as the confidence buyers have in the economic fundamentals of the country, he added.

"This positive trend is expected to persist, bolstered by strong economic growth and a favourable interest rate environment, creating an encouraging atmosphere for potential buyers," Baijal said.

In the first five months of this year, the total number of properties registered was 60,820, up 17 per cent from 52,173 units in January-May 2023.