Team Blitz India
REGISTRATION of properties in the Mumbai municipal area rose 11 per cent in April to 11,628 units mainly on strong housing demand. This was the second-highest number of property registrations for the month of April in over 12 years.
Last April this number was 10,514 units. In March, 14,145 units of property were registered. As per property experts, the confidence of homebuyers in the Mumbai market has kept the registration numbers consistently past the 10,000 mark for the fourth consecutive month in 2024.
Of the overall registered properties, residential units constitute 80 per cent. Buoyant market conditions have boosted the state treasury, marking its highest-ever revenue collection for April. This positive momentum is expected to continue, driven by robust economic growth and stable interest rates which are expected to remain constant.
Among interesting statistics of homebuyers in April is the fact that there was an increase in registration of apartments measuring up to 500 sq ft. They comprised 45 per cent of all registrations.
The share of apartments between 500 sq ft and 1,000 sq ft stood at 40 per cent. The share of larger apartments measuring 1,000 sq ft and above stood at 15 per cent. Mumbai property market has been performing exceptionally well since the Covid pandemic. Sales have increased in both the primary and the secondary markets and, therefore, the registration numbers are also up.
