Property registrations in Mumbai up 21 per cent YoY, the best in a decade

Property registrations in Mumbai increased by 21 per cent YoY in June to 9,525 units, a report by Knight Frank said

Property registrations in Mumbai increased by 21 per cent YoY in June to 9,525 units even as housing rates surged and lenders hiked interest on home loans, a report by Knight Frank India said. 

The consultant said that the number stood at 9,839 units in May, reported PTI. 

7,856 properties were registered in Mumbai municipal region (BMC area) in June 2021.

"Mumbai real estate market continues to witness robust demand with strong consumer sentiment towards home ownership anchoring growth," PTI quoted Knight Frank India chairman and managing director Shishir Baijal.

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He added, "Even with an increase in home loan interest rate and property price rise, these numbers have been achieved because of amenable affordability level and strong domestic economy."

"The number of units registered in June 2022 was the best in a decade for the month of June," Knight Frank said in its report. 

The number given by the consultant is till Thursday, June 30 afternoon.

The consultant said, "70 per cent of all property sales registrations were for properties transacted in the same month," PTI quoted.

Maharashtra earned more than Rs 697 crore in revenues due to property registrations in Mumbai, one of the country's leading real estate markets. 

Out of all properties registered in June, 87 per cent were residential, while 8 per cent of deals were for commercial property, the firm's report said.