Mumbai Property Registrations Surge 24% in February | Knight Frank

New Delhi, Feb 29 (PTI) 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.

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.

In February 2024, Mumbai experienced the highest number of property registrations for any February month in a 12-year period, the consultant said.

"The prior peak in February 2022 was fuelled by heightened optimism and the release of pent-up demand as the pandemic's effects diminished. However, the recent upsurge can be credited to rising income levels and a favourable sentiment towards homeownership," it added.