Mumbai property registrations a tad under 10,000 in November

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Property registrations in Mumbai in November was just short of the 10,000-mark, but still 7.6 per cent higher from year ago.

The city registered 9643 units in the reporting month, and garnered revenue of ₹707 crore, which was 3.4 per cent higher from year ago, according to state government data.

The registrations were however 9.1 per cent down month-on-month and the revenue down 15.3 per cent (m-o-m). In the previous five months registrations were consistently above the 10,000-mark.

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Knight Frank India said that this was the best November sales in 11 years, both in terms of volume and revenue. Analysis of data by the property consultant showed that buyers were buying both in the central and western suburbs.

There is considerable upgradation in infrastructure that is taking place all over Mumbai and the suburbs as well as the prospect of better connectivity with the island city where a majority of the offices are located. With buildings mushrooming close to upcoming arterial roads and metro lines, homebuyers are also booking houses in these locations in anticipation that by the time they occupy it, the infrastructure would be in place.

In the first 11 months of 2023, the city’s registration figures have crossed 1.1 lakh units while revenue is close to ₹10,000 crore.

Knight Frank India’s CMD Shishir Baijal said that the sustained demand for housing would further drive up prices in Mumbai and forecast a 5.5 per cent price rise in 2024.

Property registrations in Maharashtra at 1.2 lakh units in November was down 1.4 per cent on year and down 4.2 per cent on month. The revenue at ₹2372 crore was flat from year ago and lower than the ₹2535 it received in October.

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