Mumbai Property Registrations Climb 8% to 14,150 Units in March: Knight Frank Report

New Delhi, Mar 31 - The real estate market in Mumbai has shown a robust performance this March, with property registrations in the city witnessing an 8% increase compared to the same period last year. According to a report by real estate consultant Knight Frank, approximately 14,150 units were registered in the Mumbai city area under BMC jurisdiction by 6.30 pm on March 31. This number is expected to rise to between 14,250 and 14,300 units by the end of the registration window on Sunday.

Last year, March saw 13,151 units being registered, indicating a strong demand in the current market. Notably, residential properties make up 80% of the overall registered units this month. Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the trend, stating that the residential real estate sector in Mumbai has continued its exceptional performance in March. He highlighted that the consistent increase in property sale registrations underscores the market's appeal among homebuyers.

Baijal further added that this positive trend is expected to continue, bolstered by strong economic growth and favorable interest rates in the coming quarters. These factors are anticipated to maintain momentum in the market and create an attractive environment for prospective homebuyers. Additionally, the Maharashtra government has collected over Rs 1,100 crore as stamp duty from property registrations.

Akhil Saraf, Founder and CEO of proptech firm Reloy, also weighed in on the trend. He noted that demand for residential properties remains strong in both the primary (first sale) and secondary (resale) markets, driving up registration numbers in Mumbai city. Saraf mentioned that projects by reputed developers are being sold quickly, further evidencing the robust demand in the market.

The consistent growth in property registrations in Mumbai not only reflects the city's strong demand but also signals a healthy outlook for its real estate sector. With economic indicators and interest rates working in favor of the market, Mumbai's real estate is poised for sustained growth, offering promising opportunities for both developers and homebuyers alike.