Property registrations in Mumbai's real estate market have spiked to 1.01 lakh since January 2023, marking an anticipated increase of 5 percent, according to Maharashtra government data. Last year, in 2022, the overall registrations recorded were 1.22 lakh. This year, within the first ten months, registrations have already crossed the 1 lakh mark.
Property experts suggest that registrations have maintained a healthy upward momentum due to constant upgrades from smaller apartments to larger ones, as well as the significant growth in redevelopment projects in Mumbai after the Covid-19 pandemic.
Furthermore, home loan rates have also remained unchanged, contributing to the upward trend. Brokers predict an overall 5 per cent growth in the number of registrations by the end of 2023.
A real estate consultancy firm reports that out of the total monthly property registrations, 80 per cent are for residential properties and 20 percent for other segments. In September, 10,600 properties were registered, with 82 per cent in the residential sector and the rest in commercial and other segments.
In recent years, there has been a consistent upward trend in property registrations for properties valued at Rs 1 crore or more. This proportion has risen from 49 percent in January to September 2020 to approximately 57 percent in January to September 2023, according to a Knight Frank Report for September 2023.
The consultancy firm maintains that against the backdrop of steady economic growth, home buyers expect interest rates to remain stable. "Such stability has the potential to further strengthen the housing market, creating an environment ripe with opportunities and optimism," said Shishir Baijal, Chairman and Managing Director of Knight Frank India in September 2023.