Updated April 1st, 2024 at 15:35 IST

Mumbai property registrations surge by 8% in March, reflecting strong demand: Report

The Maharashtra government has also reaped the benefits of this heightened activity, collecting over Rs 1,100 crore as stamp duty on property registrations.

Reported by: Business Desk
Mumbai property registrations | Image:Unsplash
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Mumbai real estate news: The latest data reveals a significant surge in property registrations within Mumbai city, indicating a robust real estate market amidst strong demand. According to a report by real estate consultant Knight Frank, property registrations in Mumbai city have witnessed an 8 per cent increase this month compared to the same period last year, with approximately 14,150 units registered by March 31st.

The surge in registrations reflects the sustained momentum and attractiveness of the residential real estate sector in Mumbai. Of the total registered properties, residential units constitute a substantial 80 per cent, underscoring the continued preference for housing among buyers.

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Shishir Baijal, Chairman, and Managing Director of Knight Frank India, commented on the noteworthy trend, stating, "The residential real estate sector in Mumbai has continued to perform exceptionally well in March." He stressed the market's appeal to homebuyers, attributing the positive trend to factors such as strong economic growth and favorable interest rates.

The Maharashtra government has also reaped the benefits of this heightened activity, collecting over Rs 1,100 crore as stamp duty on property registrations. This substantial revenue underscores the significance of the real estate sector in driving economic growth and fiscal revenue.

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Akhil Saraf, Founder, and CEO of proptech firm Reloy, echoed sentiments of strong demand, particularly in both primary and secondary residential markets. He noted that properties from reputable developers are witnessing swift sales, indicating a robust appetite among buyers for quality housing options.

(With PTI inputs.
 

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Published April 1st, 2024 at 15:35 IST