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 till 8 pm on Thursday. The number might increase slightly.
In February last year, 9,684 units were registered, real estate consultant Knight Frank India said, which sourced the data from the Maharashtra government. 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.
Mumbai still on top
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.
These developments come at an interesting time, in 2023 report by The Knight Frank Affordability Index exhibited as to how Mumbai continues to beyond the reach of most as the city is the only region beyond the affordability threshold of 50 per cent raising questions of the livability of India's business capital.
Despite the affordability conundrum, along with the steep mortgage rates, in February 2024, Mumbai experienced the highest number of property registrations for any February month in a 12-year period.
