Registration of properties in Mumbai up 26% to 10,607 units in October 2023

November 1, 2023

NEW DELHI: Registration of properties in Mumbai municipal region rose 26 per cent annually to 10,607 units during October, according to Knight Frank India. Total 8,422 properties were registered in October last year in Mumbai city (area under BMC jurisdiction).

Of the overall registered properties, residential units constituted 80 per cent.

The registration in October 2023 has been the highest in the past 11 years.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The Mumbai residential real estate market continues to demonstrate impressive resilience, consistently exceeding the threshold of 10,000 property transactions.”

Commenting on the trend, CREDAI President Boman Irani said, “October has witnessed another strong month of property registrations and housing sales, which is a further validation of homebuyers’ positive sentiments especially amidst the ongoing festive season.”

Apart from this being an auspicious time to buy a house, Irani said there are other factors like consumers’ increased appetite to buy as opposed to rent and homebuyers opting to buy bigger homes.

“Developers, by offering various discounts and bonuses, have further enhanced the purchasing power of homebuyers in buying bigger and better homes to suit their evolving lifestyle needs,” he said.

A relatively stable lending environment and good economic growth have contributed to this momentum, Irani said.

  • Published On Nov 1, 2023 at 09:08 AM IST

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