Mumbai Property Registrations Surge 11% in April 2024: Knight Frank Report

The real estate market in Mumbai is buzzing with activity as the registration of properties in the city saw a significant 11 per cent increase in April 2024 compared to the previous year, according to a report by Knight Frank. The surge in property registrations, with 11,628 units registered in April, highlights the strong demand for housing in the financial capital of India.

Household properties accounted for 80 per cent of the registered properties in Mumbai, indicating a robust interest from homebuyers. This consistent rise in property registrations exceeding the 10,000 mark for the fourth consecutive month in 2024 showcases the confidence that people have in the Mumbai property market.

Shishir Baijal, chairman & managing director of Knight Frank India, attributed the surge in property registrations to stable interest rates and economic growth, which are attracting potential property buyers to invest in the real estate sector. The buoyant market conditions have also led to the highest-ever revenue collection for April, further emphasizing the attractiveness of the market to potential homebuyers.

Mumbai recorded the second-highest number of property registrations for the month of April in over 12 years, with a notable demand for 500 sq ft apartments. The report revealed a 45 per cent increase in the registration of such properties in April 2024, reflecting the growing interest in compact living spaces in the city.

Akhil Saraf, founder and CEO of Proptech firm Reloy, mentioned that the property market in Mumbai has been booming and performing exceptionally well post-COVID pandemic. Sales have increased in both the primary and secondary markets, leading to a rise in registration numbers. Overall, the positive momentum in the Mumbai property market is expected to continue driven by robust economic growth and stable interest rates.