Registration of properties in Mumbai municipal region rose marginally in June to more than 10,300

units, according to data from Knight Frank India. Of the total registered properties, around 85 per cent were residential units.

Registration of properties in Mumbai region stood at 9,919 units in June last year.

As per the data, registration of properties in the region crossed 10,300-mark till 8.30 pm on Friday.

During the first half of 2023 (H1), the city recorded the registration of more than 62,000 units, making it the second-best for property registrations for the corresponding H1 periods over the last decade.

In the first six months of last year, 66,761 units were registered.

The rise in property registrations has resulted in increased revenue collections for the state, making the Government of Maharashtra the primary beneficiary.

The increase in revenue can be attributed to several factors, including the higher value of properties being registered, the implementation of metro cess, and the sustained strong demand from consumers.

Knight Frank CMD Shishir Baijal said the residential market in Mumbai remains on a growth trajectory, with sustained demand observed in the latest trends.

"Despite the headwinds, consumers remain enthused for home ownership. This has pushed up the scale of registrations in the market by close to 85 per cent from the pre-COVID periods where the markets hovered around an average of 5,700 units a month to over average of 10,000 units," he said.

Further, Baijal said there has been an increased take-up in the Rs 1 crore and above category, partly due to an affinity for larger homes as well as a general increase in average prices.

"Looking ahead, we anticipate the demand to remain strong with factors influencing buying decisions being supportive," he added.

Source: realty.economictimes.indiatimes.com