Registration of properties in Mumbai municipal area is likely to rise by 33% annually to around 12,500 units during this month on better demand, real estate consultancy firm Knight Frank said.

As many as 9,367 properties were registered in Mumbai city, area under BMC jurisdiction, during the same month last year.

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According to the data shared by the Maharashtra government, Mumbai’s real estate market reported 1,27,139 property registrations in calendar year 2023, marking 4% spike compared to 1,22,035 properties registered in 2022. As of December, 12,134 units were registered.

“Homebuyers in Mumbai continue to demonstrate confidence in the property market, buoyed by stable demand and an enhanced positive sentiment. This optimism has resulted in a significant surge in property registrations in Mumbai,” the consultant said.

Knight Frank said of the overall registered properties in the Mumbai real estate market, residential units constitute 80%, whereas, non-residential assets constitute the remaining 20%.

“The year 2023 witnessed a remarkable upswing for Mumbai’s real estate market as the city achieved its highest property registrations in 11 years, driven by rising income levels, better affordability, and a positive homeownership outlook,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

“Notably, a 57% increase in share of high-value property registrations attests to the robustness of the market. Supported by stable interest rate and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai’s real estate momentum,” he added.

The report said the recent upswing in Mumbai’s real estate market can be attributed to rising income levels and a favourable perception towards homeownership.

Revenue collections reached an all-time pinnacle, primarily propelled by higher stamp duty rates, burgeoning property prices, and an increased share of premium properties. It was in December 2020, when the city had reported 19,581 properties being registered, the report said.

Central and Western suburbs together constituted over 75% as these locations are a hotbed for new launches, offering a wide range of modern amenities and good connectivity.

The report noted that 86% of Western suburb consumers and 84% of Central suburb consumers opt to purchase within their micro market.

Real estate consultant Knight Frank India has compiled the data of registration of properties from Department of Registrations and Stamps, Maharashtra government.