According to Knight Frank India, registration of properties in Mumbai municipal region rose 21 per cent year-on-year in June to 9,525 units despite rise in prices and increase in interest on home loans. In fact, the number of units registered in June 2022 was the best in a decade for the month of June. Mumbai is one of the leading real estate markets in the country.
In June 21, the registration of properties in Mumbai city (BMC area) stood at 7,856 units. In May 2022, the number stood at 9,839 units, Knight Frank India said in a statement. The registration contributed over Rs 697 crore to the state revenues.
Residential properties constituted major portion of the sale accounting for 87 per cent of the properties registered in June 2022 while commercial properties contributed only 8% of the properties registered during the month.
Knight Frank India Chairman and Managing Director Shishir Baijal said, ”Mumbai real estate market continues to witness robust demand with strong consumer sentiment towards home ownership anchoring growth.” ”Even with an increase in home loan interest rate and property price rise, these numbers have been achieved because of amenable affordability level and strong domestic economy,” he added. He expects the sales velocity to maintain pace in the next few months as economic growth continues.
Interestingly, 70 per cent of all property sales registrations were for properties transacted in the same month.