Mumbai property registrations surge 8% YoY in November 2023

Maharashtra, December 02,  2023 :   According to data from the Department of Registration and Stamps, Government of Maharashtra, the registration of properties in the Mumbai Municipal region rose 8% annually to 9713 units in the month of November 2023 contributing a revenue of over Rs. 711 crores to the State exchequer, against 8965 units that were registered in November last year.  However the registration numbers were less than October 2023 where 10,607 units were registered.

As per Knight Frank, the city recorded the best November registration numbers in 11 years. Of the overall registered properties in November 2023, residential units constituted 80 per cent, and the remaining 20 per cent constituted non residential assets.

Here is what real estate developers have to say on these robust numbers:

Mr. Sandeep Runwal – President, NAREDCO Maharashtra
“The robust response from homebuyers during the month of Diwali indicates the positive sentiments towards home ownership. The homebuyers have taken the opportunity of best pricing and various offers provided by the developers during the festive season. Based on the leads generated during our recent HOMETHON property expo, we can certainly see a strong sales momentum till the end of this year.”

Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has once again seen exceptional home sales during the recent festive season. The positive market sentiments witnessed during the festive season coupled with rise in aspirations and income levels did fuel the housing demand among homebuyers propelling home sales. We expect the housing demand to remain strong going into the New Year.”

Mr. Rohan Khatau, Director, CCI Projects
“We have seen a phenomenal response from home buyers during the current festive season. There has been a realisation among home buyers on the importance of home ownership. Among other areas, the western suburb is seeing a huge housing demand. This comes on the back of improved connectivity and enhanced convenience factor that is instrumental in home buyer preference towards the western suburbs of Mumbai.”

Mr. Prashant Khandelwal, CEO – Agami
“We are seeing the Mumbai housing market peak in terms of home sales. The current festive season has given an impetus to this growing housing demand due to attractive pricing, discounts and home loan offers valid for the festive period only. The upgrade in infrastructure projects has improved connectivity in Mumbai and MMR region. This has excited home buyers who are now going ahead and buying their desired home in far flung suburbs which are reasonably priced and within their budget.”

Corporate Comm India (CCI Newswire)