Mumbai Property Registrations Surge 12% in 2024: Knight Frank

Property registrations in Mumbai saw a 12% increase year-on-year from January to September 2024, as reported by Knight Frank. The milestone of 1,00,000 registrations was reached faster than any other year in the past decade. This growth is attributed to rising economic prosperity and a preference for home ownership among residents.

Property registrations in the Mumbai municipal region surged by 12% year-on-year to 1,05,608 units from January to September 2024, according to real estate consultancy Knight Frank.

Mumbai, governed by the BMC, saw 94,309 units registered in the same period last year. The city achieved over 1,00,000 property registrations by September 2024, a milestone reached faster than any point in the last decade, Knight Frank noted.

This ongoing momentum in property transactions is driven by economic prosperity and a growing preference for home ownership among Mumbai's residents. September 2024 alone saw 9,111 registrations compared to 10,694 in September 2023. Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted strong homebuyer confidence, a positive economic outlook, and stable interest rates as key factors.

Akhil Saraf, CEO of proptech firm Reloy, added that the trend is likely to continue, especially with the festive season and expectations of an interest rate cut by the RBI, buoyed by the recent 50 bps rate cut by the Federal Reserve.

(With inputs from agencies.)