Mumbai's property registration witnesses best November in 11 years: Knight Frank Report
Mumbai's real estate sales and registrations recorded their best November in 11 years, as per an assessment by Knight Frank India on Thursday, November 30, 2023. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Following a notable 6.5% YoY increase in prime property prices during Q3 2023, Mumbai is anticipated to witness a 5.5% upsurge in prime residential prices in 2024.
This surge is primarily attributed to robust housing demand and economic expansion." Annual property registrations in Mumbai hit a record high, with over 1.14 lakh registrations in the first 11 months of 2023. Meanwhile, November's data showed 9,548 units registered.
The data shared showed a 122 per cent year-on-year increase, indicating robust demand for bigger and better homes. Despite a dip in registrations and revenues in November 2023, from the last few months, the broader trend is positive, with a 10 per cent year-on-year rise in property registrations and stamp duty revenues expected to surpass ₹10,000 crore for the first time ever.
Central and Western suburbs accounted for over 75 per cent of the total properties registered. Also Read | NRI contributions to Indian real estate surge over five years, to reach 20% by 2025 Reacting to Mumbai Housing Sales Data for November 2023, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, "There has been a surge of 4 per cent growth during November 2023 as compared to November 2022 on a YoY basis.
Also, this is the highest number of registrations recorded during November in the last five years, showcasing a well-sustained growth in demand for housing in Mumbai MMR. Also Read | Why everyone wants a slice of Mumbai realty "Along with the strong domestic economic macros and
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