Mumbai, Sep 1 (IANS) The real estate sector in the country’s financial capital Mumbai has witnessed a significant increase in demand due to stable interest rates and new projects, industry experts said on Sunday.
Rising property values and better connectivity in the Mumbai Metropolitan Region (MMR) are driving significant investments.
“The demand for luxury properties has particularly increased in emerging areas such as Andheri, Santacruz, Mulund, Goregaon and Borivali,” said Amit Jain, CMD, Arcade Group.
According to the latest report by Knight Frank, around 11,735 property registrations were recorded in Mumbai city (under BMC) in August, contributing over Rs 1,072 crore to the state exchequer.
Property registrations grew by 8 per cent year-on-year and the revenue generated from these registrations saw a growth of 32 per cent compared to last year.
According to the report, the continued confidence of buyers has resulted in consistent sales, which remained above 10,000 units in the first eight months of the year. This marks 11 consecutive months of annual growth since August 2023.
From January to August, the city witnessed 96,601 property registrations, a 16 per cent increase from 83,615 registrations in the same period in 2023, generating revenue of Rs 8,010 crore, up 10 per cent from Rs 7,262 crore last year.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, the Mumbai residential market has maintained strong momentum in 2024, with monthly sales witnessing consistent year-on-year growth.
“Strong economic outlook and stable interest rates have kept homebuyer sentiment positive, leading to steady sales,” he said.
It is noteworthy that in the month of August, there was an increase in the registration of apartments between 500 sq ft to 1,000 sq ft, which was 49 percent of the total property registrations.
The share of property registrations in the western suburbs declined from 57 per cent in August 2023 to 55 per cent in August this year.
Meanwhile, the report highlighted that central suburbs maintained a stable share at 28 per cent, a marginal decline from 29 per cent in August 2023.
–IANS
SK/ABM
