Mumbai's real estate sector has recorded a notable 12% year-on-year increase in property registrations for June 2024, driven by strong demand and economic stability, reports Knight Frank. Under the Bombay Municipal Corporation, Mumbai saw 11,600 registrations this June, up from 10,319 last year, generating over INR 1000 crore for the state. Mr. Prashant Sharma of NAREDCO Maharashtra highlights robust market confidence, while Mr. Pritam Chivukula of CREDAI-MCHI notes growing homeowner sentiment. Analysts credit economic stability for this record-setting June, with expectations high for sustained growth. This surge underscores Mumbai's resilience and attractiveness in real estate, backed by ongoing policy support and economic vigour.
Mumbai's real estate sector has reported a significant 12% year-on-year increase in property registrations for June 2024, driven by strong demand and economic stability, according to data from Knight Frank, a leading real estate consultancy firm.
The data reveals that Mumbai city, under the jurisdiction of the Bombay Municipal Corporation, witnessed approximately 11,600 property registrations in June 2024, compared to 10,319 units registered in the same month last year. This surge has generated over INR 1000 crore in revenue for the state government, underlining the sector's contribution to the economy.
"This performance is a clear testament to the robust demand and growing confidence in the Mumbai real estate market," said Mr. Prashant Sharma, President of NAREDCO Maharashtra. "This milestone not only highlights the resilience of the sector but also highlights the positive economic environment and the strong sentiment towards homeownership."
Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty and Vice President of CREDAI-MCHI, echoed these sentiments, stating, "The remarkable increase in property registrations in Mumbai for June 2024 is a clear indicator of the robust demand for housing assets in the city. This significant rise underscores the growing confidence among buyers and the overall positive sentiment towards homeownership."
According to Mr. Vedanshu Kedia, Director of Prescon Group, "The robust growth in home sales underscores the significant demand and the priority placed on homeownership by buyers. This trend is supported by strong economic growth, favourable interest rates on home loans, and an increasing preference for luxurious living."
Throughout the first half of 2024, Mumbai has consistently maintained property sales above the 10,000 mark each month, with June 2024 setting a record for the highest number of registrations in any June over the past 12 years. Analysts attribute this surge to increased economic stability and a favourable outlook among prospective homeowners.
"The revenue exceeding INR 1000 crore from these registrations also demonstrates the significant contribution of the real estate sector to the state?s economy," added Mr. Sharma. "We anticipate this upward trajectory to continue, driven by innovation, customer-centric approaches, and unwavering trust in Mumbai?s property market."
The rise in property registrations indicates a dynamic recovery and sustained growth trajectory for Mumbai's real estate sector. As the market continues to attract both first-time buyers and seasoned investors, stakeholders anticipate further momentum driven by favourable economic indicators and ongoing policy support.
This upward trend not only strengthens Mumbai's position as a prime real estate destination but also underscores the resilience and adaptability of the sector amid evolving market dynamics. With continued economic stability and supportive government initiatives, the outlook remains optimistic for the city's property market heading into the second half of 2024.
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