Mumbai Property Registrations Up 21% in Jan: Report

New Delhi, Jan 31 (PTI) Registration of properties in the Mumbai municipal region is likely to rise 21 per cent year-on-year in January to 10,900 units on strong housing demand, according to Knight Frank India.

In January last year, 9,001 units were registered in Mumbai city (an area under BMC jurisdiction).

Of the overall estimated registered properties, residential units constitute 80 per cent, and the remaining 20 per cent are non-residential assets.

However, the registration of properties could fall 11 per cent from last month, when 12,255 units were registered. The data pertains to transactions in both primary (first sale) and secondary (re-sale) markets.

"Mumbai residential markets witnessed exceptional performance as it kicks off 2024 with remarkable enthusiasm," Shishir Baijal, Chairman & Managing Director of Knight Frank India, said.

The sustained strength in the premium segment underscores the market's resilience and attractiveness, he added.

"The positive trajectory is poised to continue, especially with the anticipated strong economic momentum and potential easing of interest rates throughout the year, fostering a conducive environment for homebuyers," Baijal said.

HDFC Capital-backed proptech firm Reloy CEO & Founder Akhil Saraf said the demand for homes from renowned and branded developers is consistently gaining momentum every quarter.

"Throughout the entire year of 2023, Mumbai and various regions across the country experienced record-breaking sales figures. As we step into the year 2024, the trend continues on a positive note, and there is anticipation that we will observe even more impressive sales numbers this year," he said.

The favourable economic conditions and micro-level factors aligning in favour of home buyers contribute to this optimistic outlook, said Saraf whose firm helps realtors in generating referral sales and managing their customers as well as channel partners.