Mumbai: Property registration in city up 7% to over 8,500 units in January, reports Knight Frank

New Delhi: Mumbai is witnessing an up in registration of properties. A 7 per cent year-on-year rise during this month (January 2022 vs January 2023) was reported by Property consultant Knight Frank India which comes to 8,694 units on better demand.

Knight Frank India said that Mumbai city (area under BMC jurisdiction) saw property sales registration of 8,694 units in January 2023, contributing over Rs 658 crore to the state revenues. The registration figure is till 12 noon and will increase slightly by end of the day.

Residential & non-residential split

Of the total properties registered, 84 per cent were residential while 16 per cent were non-residential properties.

The data pertains to transactions in both primary (fresh sales) and secondary (re-sale) markets of all types of properties -- residential, commercial and others.

However, the registration of properties fell 7 per cent in January when compared to December, which saw 9,367 units registration.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "Despite strong headwinds consumer inclination toward home purchase has driven residential property sales in Mumbai." The demand has persisted despite rising house loan rates, absence of state government concessions, and increases in property price over the past year, he said.

"Maharashtra government continues to be a major beneficiary of demand. While the repo rate is likely to increase soon, we anticipate the positive demand sentiment to largely stay unchanged as Indian economic growth prospects remain strong," Baijal said.

The registration of properties in Mumbai city rose 9 per cent year-on-year during 2022 calendar year to 1,22,035 units -- highest in the last one decade -- on better demand.

As many as 1,11,913 units were registered during the 2021 calendar year.

Registration of properties stood at 64,242 units in 2013; 63,636 units in 2014; 67,400 units in 2015; 63,255 units in 2016; 68,659 units in 2017; 80,746 units in 2018; 67,863 units in 2019; and 65,633 units in 2020.