Mumbai's property registration witnesses best November in 11 years: Knight Frank Report
Mumbai's real estate sales and registrations recorded their best November in 11 years, as per an assessment by Knight Frank India on Thursday, November 30, 2023.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Following a notable 6.5% YoY increase in prime property prices during Q3 2023, Mumbai is anticipated to witness a 5.5% upsurge in prime residential prices in 2024. This surge is primarily attributed to robust housing demand and economic expansion."
Annual property registrations in Mumbai hit a record high, with over 1.14 lakh registrations in the first 11 months of 2023. Meanwhile, November's data showed 9,548 units registered. The data shared showed a 122 per cent year-on-year increase, indicating robust demand for bigger and better homes. Despite a dip in registrations and revenues in November 2023, from the last few months, the broader trend is positive, with a 10 per cent year-on-year rise in property registrations and stamp duty revenues expected to surpass ₹10,000 crore for the first time ever. Central and Western suburbs accounted for over 75 per cent of the total properties registered.
Reacting to Mumbai Housing Sales Data for November 2023, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, "There has been a surge of 4 per cent growth during November 2023 as compared to November 2022 on a YoY basis. Also, this is the highest number of registrations recorded during November in the last five years, showcasing a well-sustained growth in demand for housing in Mumbai MMR.
"Along with the strong domestic economic macros and no immediate change in the repo rate, this momentous growth is primarily attributed to the connectivity boost, leading to the strengthening of housing demand in new micro-markets in the suburbs.
With redevelopment and upcoming infrastructural projects serving as growth propellers for the housing segment in the financial capital, we anticipate this sentiment to further strengthen over time, creating new opportunities for branded developers to explore."
During the calendar year 2022, there were 1,12,668 registrations, an increase of 10 per cent over the previous year. In the 11 months through November, they were estimated to be 1,14,464. Similarly, stamp duty revenues increased from ₹5,352 crore in 2021 to ₹8,066 crore in 2022 and then to ₹9,922 crore till November 2023, indicating that they will cross ₹10,000 crore for the first time, the report further added.
The Central and Western contributed to 75 per cent of all properties registered, signalling high demand for these areas.
Source: livemint.com
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