Mumbai: The real estate sector in the Mumbai Metropolitan Region (MMR), a bastion of stability, is seeing major investment due to rising property values and better connectivity.
Additionally, according to industry analysts, the real estate market in the financial capital is experiencing a major surge in demand due to stable interest rates and an active pipeline of new developments.
“The demand for luxury properties is robust in emerging areas like Andheri, Santacruz, Mulund, Goregaon and Borivali,” said Amit Jain, CMD, Arkade Group.
According to a new Knight Frank India report, Mumbai City (under BMC jurisdiction) recorded approximately 11,735 property registrations in August, contributing over Rs 1,072 crore to the state exchequer.
Property registrations have seen a healthy 8 percent year-on-year increase, while revenues have surged by an impressive 32 percent. These figures paint a promising picture for the future of Mumbai’s real estate market.
According to the report, the market’s stability is further underscored by sustained buyer confidence, leading to consistent sales. The market has seen sales exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
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From January to August, the city recorded 96,601 property registrations, a 16 percent increase from 83,615 registrations in the same period in 2023. This generated Rs 8,010 crore in revenue, up 10 percent from Rs 7,262 crore last year.
According to Shishir Baijal, chairman and managing director of Knight Frank India, Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth.
“The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales,” he mentioned.
In August, there was a noticeable increase in the registration of apartments measuring between 500 square feet and 1,000 square feet, accounting for 49 percent of all property registrations.
The share of property registrations in the western suburbs dropped from 57 per cent in August 2023 to 55 per cent in August this year.
Meanwhile, according to the report, the central suburbs maintained a stable share at 28 percent, dipping slightly from 29 percent in August 2023.
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–IANS
(Photo: IANS)
