The real estate market in Mumbai is still showing signs of strength, as evidenced by the notable rise in property registrations in May 2024. In May 2023, there was a notable 22% increase in property registrations in the Mumbai municipal zone, according per a study by real estate consultant Knight Frank. This increase is indicative of the city’s high housing demand.
An increase in registration numbers
According to information provided by Knight Frank India, approximately 12,000 real estate transactions were reported in Mumbai City, which is governed by the Brihanmumbai Municipal Corporation, or BMC, in May 2024. This information was sourced from the Maharashtra government. When compared to the 9,823 units recorded during the same period last year, this statistic represents a significant increase.
Growth Is Driven by Residential Properties
The research also shows that, in May 2024, residential properties made up the majority of registered properties, making up an astounding 80% of all transactions. This suggests that there is still demand for residential real estate in Mumbai, which may be driven by the city’s expanding population and stable economy.
Good Prognosis for the Market
The chairman and managing director of Knight Frank India, Shishir Baijal, voiced hope for the Mumbai real estate market’s future. He cited the strength of the market as seen by the “continuous year-on-year growth in property sales and registrations”. According to Baijal, despite growing average housing prices around the city, this growth trajectory has persiste.
Trust in the Market
Buyer confidence in the fundamentals of the Indian economy and market hunger are seen to be reflected in the upward trend in property registrations. Strong economic growth and favorable interest rate conditions are anticipated to support this trend even further, fostering a positive environment for prospective Mumbai real estate buyers.
Gazing Forward
The real estate market in Mumbai appears to be improving, as seen by the remarkable increase in property registrations in May 2024. The city’s real estate market may continue to grow and witness favorable changes in the upcoming months due to the high demand for housing, especially in the residential sector.
