Mumbai Property Registrations Up 4% in Jan-Jul

New Delhi, Jul 31 (PTI) Mumbai real estate market continues to see strong demand, as registration of properties rose by 4 per cent to 88,639 units during the January-July period, according to Knight Frank.

As many as 84,866 units were registered in Mumbai's municipal region during the first seven months of the last calendar year. The data relates to transactions in both primary and secondary property markets.

The government's revenue from these registrations rose by 13 per cent year-on-year to Rs 7,854 crores, real estate consultant Knight Frank India said, citing data from the Maharashtra government.

On both metrics, the consultant said that Mumbai recorded the strongest performance since 2013 for the January-July period.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "Mumbai's residential market continues to show steady buyer confidence."

In July, the registration of properties increased 2 per cent to 12,579 units as against 12,373 units in the same month last year.

Commenting on the data, Akhil Saraf, Founder and CEO of proptech firm Reloy, said, "Real assets like housing especially in key cities of India will continue to retain intrinsic value. As more money chases fewer quality assets, property prices are likely to remain resilient and trend upward over the medium to long term.