Mumbai’s Property Registrations Rise 24 % Annually
Registration of properties in Mumbai municipal area rose 24 per cent annually to 12,040 units so far in February, on better demand, according to Knight Frank India. During this month, Mumbai city (area under BMC jurisdiction) has seen registration of 12,040 units and the number might increase slightly. In a statement, Knight Frank India said the state government has earned a revenue of around Rs 885 crore so far this month from registration of properties. Homebuyer confidence in the Mumbai market continues to remain strong and the outlook remains positive. This positive outlook has led to a substantial upswing in property registrations in Mumbai. Of the overall registered properties, residential units constitute around 80 per cent, the remaining 20 per cent constitute non-residential assets. In February 2024, Mumbai experienced the highest number of property registrations for any February month in a 12-year period, the consultant said. The prior peak in February 2022 was fuelled by heightened optimism and the release of pent-up demand as the pandemic's effects diminished. However, the recent upsurge can be credited to rising income levels and a favourable sentiment towards homeownership, it added
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