Property registrations in Mumbai crossed 10,000 units for the third month running in August, as housing demand held on especially in the premium segment, despite headwinds such as a rise in property prices and higher mortgage rates.
According to Maharashtra government data, over 10,800 properties were registered in Mumbai in August netting the State government revenue of more than ₹805 crore. This is the best sales recorded in August over the last 10 years. The number of properties registered was up over 26 per cent on year and up 6 per cent on month.
According to Knight Frank, around 80 per cent of the units registered were residential. The property consultant said that the share of property registrations priced at ₹1 crore and above had risen to 57 per cent in the period January-August 2023 compared to a year ago.
Mumbai accounts for around half of the property market in the country, in terms of value.
“Mumbai’s residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at ₹1 crore and above continue to rise, led by a surge in property prices and increasing preference among home buyers for more spacious accommodation,” said Shishir Baijal, CMD, Knight Frank India.
AAROCK Group Chairman Anuj Puri observed that homebuying activity in Mumbai was skewed towards the high-end and ultra-luxury segment. “The high-end segment probably comprises homebuyers looking to upgrade or are pushed here due to a rise in property prices,” he said, adding that the ultra-luxury segment included wealthy individuals looking to close favourable deals by utilising the gains made through other investment avenues, primarily the booming stock markets.
“The interest of homebuyers in residential real estate is propelled by the dual effect of the need to upgrade to a bigger and better living space and focused impetus on infrastructural developments across the city,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India.
“Anticipated demand during the upcoming festive season is poised to further amplify this trend, setting the stage for an upward trajectory in residential sales in the ensuing months,” he added.