Property registrations in Mumbai in September were at 10,694 units, up 24 per cent on year, as home demand continued to sustain.
The registrations were however down about two per cent sequentially, Maharashtra government website showed. Data over the last ten years show that this is the best September so far in terms of sales volumes.
Revenue from the registrations were at ₹1127 crore, up 54 per cent on year and up one per cent sequentially.
Over 80 per cent of the properties registered were residential, an indicator of sustained residential demand.
“The Mumbai residential market continues to display remarkable resilience, consistently surpassing the 10,000-property mark. In fact, for the first nine months of 2023, we have observed a monthly average of 10,420 property transactions,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
He added that there were exectation among homebuyers of a stable interest rate environment. “Such stability has the potential to further fortify the strength of our housing market, fostering an environment ripe with opportunities and optimism.”
At the next Monetary Policy Committee meeting on October 6, the Reserve Bank of India is expected to hold rates steady again.
“The infrastructural development along with the rise in redevelopment projects across MMR has played a pivotal role in boosting demand in new and emerging markets, thus enabling homebuyers with ample housing options,” said Dhaval Ajmera, Director, Ajmera Realty and Infra India.
“With the festivity season around the corner and RBI expected to maintain the status quo in upcoming policy, the residential demand is estimated to witness an uptrend in the city,” Ajmera added.