Property registrations in the Mumbai municipal area witnessed 23 per cent year-on-year (YoY) surge in September 2023, reaching approximately 10,694 units, with 82 per cent of them being residential properties. As many as 8,628 units were registered during September last year.
In the previous month, August 2023, 10,902 units were registered. With this, the city saw two per cent month-on-month (MoM) decline.
The central and western suburbs of Mumbai have witnessed a significant increase in property launches. Interestingly, approximately 75% of buyers in the western suburbs and 82% in the central suburbs tend to invest within their familiar micro-markets.
NAREDCO Maharashtra President Sandeep Runwal said: "The robust response from homebuyers during the month of Ganesh Utsav indicates the positive sentiments towards home ownership despite higher mortgage rates. Based on the current enquiry levels, we can certainly see a strong sales momentum in the upcoming festive season starting with Navratri."
This notable increase in property registration also marks the highest level in the past decade and can be attributed to a growing demand for housing, as reported by Knight Frank India.
Revenue from the registrations were at ₹1127 crore, up 54 per cent as compared to last year (INR 734 crore in September 2022) and up one per cent as compared to the previous month (INR 810 crore).
Share
Tweet
