Mumbai June property registrations up 12% YoY but down 3.6% MoM
Property registrations in Mumbai in June rose over 12 per cent on year but fell 3.6 per cent sequentially with around 11570 units being registered in the financial capital, the biggest property market in India.
The state government earned more than ₹1000 crore in revenue from the registrations, data on its website showed.
With this the property registrations in the first quarter of the fiscal year crossed 35,000 units, but around 5.6 per cent down from the March quarter, which had the highest sales in the last four quarters. Monthly sales have been consistently above 10,000 units from December onward, the data showed.
Data analysis by Knight Frank India showed that average monthly registration in the first half of 2024 was 12,044 units, up from 10,578 units in the same period in 2023.
Despite rising property prices and higher mortgage rates, people in Mumbai have been buying houses especially in the higher income brackets.
“The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai’s real estate market,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
“In the backdrop of higher property prices, home registrations have maintained their momentum, reflecting the market’s strong appetite and confidence buyers have in the country’s economic trajectory,” he added.
Around 46 per cent of the sales were of homes with sizes of 500 to 1000 square feet. This was 300 basis points higher from year ago. There were also more people buying larger sized apartments of over 1000 square feet. But those buying homes of size up to 500 square feet saw a dip in share, indicating a diminished home affordability at low income levels.
Mumbai-based developers such as Godrej Properties, Oberoi Realty, Macrotech Developers, and others have lined up an impressive pipeline of launches this year expecting the demand momentum to sustain.
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