Mumbai's property registration witnesses best November in 11 years: Knight Frank Report

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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