In November, Mumbai real estate witnessed rise in property registrations of 15% in November to 8,756 units. According to Knight Frank India, this increase is recorded despite increase in interest rates. In November 2021, property registration stood at 7,582 units.
Growth in property registrations in Mumbai remains robust with some moderation recorded in the recent months, said sources. “Supported by strong consumer sentiment and supportive drivers, the Mumbai residential market has grown despite geopolitical headwinds” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
He further said, “As the festival season that drove market sentiment in the last month ends, November 2022 remains a beneficiary to the sustained momentum recording a YoY rise in property sales and Government revenue collection”. He also said that, however, the growth rate appears to have moderated marginally due to the increased mortgages rates. Properties falling in the price bracket of Rs. 1-2.5 Cr have emerged as a preferred ticket size in November 2022 having a share contribution of 42 per cent.
Earlier in October, the Mumbai real estate trajectory witnessed upwards movement. During the Navrati time, Mumbaikars’ homebuying sentiment crossed last year’s mark. India’s financial capital recorded over 400+ sales every day from September 26th – October 04th this year. Mumbai continues the leaderboard journey as the hike in home loan rates didn’t shake peoples’ intent for property ownership.
This upwards movement was recorded after the Mumbai real estate had a superb September with an 11% hike in property registrations. Mumbai, the financial capital of India, recorded property registrations of 8,628 units, the highest in September during the past ten years. The rising property prices and mortgage rates are not taking away Mumbaikars’ opportunity to make real estate investments.
Mumbai was leading the realty industry this year since August when property buyers ditched rising interest rates. It has been an awesome August for Mumbai real estate, as the financial capital of India witnessed over 8300 property transactions resulting in over Rs. 630 cr. as Stamp Duty revenue of the State.
