Property Registrations In Mumbai Hit 11-Year High, Surging 8% YoY In November 2023

In a significant development for the real estate market, property registrations in Mumbai witnessed a remarkable surge, reaching an 11-year high with an 8 per cent year-on-year increase in November 2023.

According to data released by the Department of Registration and Stamps, Government of Maharashtra, a total of 9713 units were registered in the Mumbai Municipal region during November 2023, compared to 8965 units in the same month last year. This surge in registrations contributed over Rs. 711 crores to the State exchequer. However, the numbers were marginally lower than October 2023, where 10,607 units were registered.

Knight Frank, a leading real estate consultancy, reported that this marks the highest registration numbers for November in the past 11 years. Of the total registered properties in November 2023, residential units constituted 80 per cent, while the remaining 20 per cent comprised non-residential assets.

Real estate developers and industry experts have shared their insights on this robust performance. Sandeep Runwal - President, NAREDCO Maharashtra commented, "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."

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty said, “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 the 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.”

Rohan Khatau, Director, CCI Projects also shared his opinion. Khatau said, “We have seen a phenomenal response from homebuyers during the current festive season. There has been a realisation among homebuyers about 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 homebuyer preference towards the western suburbs of Mumbai."

Prashant Khandelwal, CEO – Agami commented, “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 homebuyers who are now going ahead and buying their desired home in far-flung suburbs, which are reasonably priced and within their budget."