Mumbai’s real estate sector is celebrating a buoyant March, with property registrations witnessing an impressive 8% surge compared to last year. Per a report by real estate consultant Knight Frank, a total of 14,150 units were registered in Mumbai within BMC’s jurisdiction by 6:30 PM on March 31. Official projections suggested that the figure could range between 14,250 and 14,300 units by the end of the registration period on Sunday night.
Strong demand fuels Mumbai’s real estate market growth
Residential properties constitute 80% of the total registered units this month, reflecting robust demand. Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasised the sector’s exceptional performance, fueled by consistent growth in property sale registrations. Baijal anticipates this positive trend to persist, driven by strong economic growth and favourable interest rates.
The Maharashtra Government has also collected over ₹1,100 crore in stamp duty from property registrations, underscoring the market’s vitality. February marked a peak in property registrations in Mumbai in the last 12 years, with 11,742 properties registered, attributed to rising income levels and a favourable outlook on property ownership.
Mumbai real estate hits 12-year high with 11,742 property registrations in February 2024
