Mumbai Sees A Surge In Property Registrations

According to data from the Department of Registration and Stamps, Government of Maharashtra, the registration of properties in the Mumbai Municipal region rose 8% annually to 9713 units in the month of November 2023 contributing a revenue of over Rs. 711 crore to the state exchequer, against 8965 units that were registered in November last year. However, the registration numbers were less than October 2023 where 10,607 units were registered.

As per Knight Frank, the city recorded the best November registration numbers in 11 years. Of the overall registered properties in November 2023, residential units constituted 80% while the remaining 20% constituted non-residential assets.

Commenting on this, Sandeep Runwal, President, NAREDCO Maharashtra, said, "The robust response from homebuyers during the month of Diwali indicates the positive sentiments towards home ownership. The homebuyers have taken the opportunity of best pricing and various offers provided by the developers during the festive season."

Pritam Chivukula, Vice President, CREDAI-MCHI, concurred. “The Mumbai housing market has once again seen exceptional home sales during the recent festive season. The positive market sentiments witnessed during the festive season coupled with rise in aspirations and income levels did fuel the housing demand among homebuyers propelling home sales. We expect the housing demand to remain strong going into the new year.”