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The real estate market in Mumbai saw an increase in property registrations in January 2023, with a total of 8,694 units registered, according to Knight Frank India. This is a 7% year-on-year increase, with 84% of these properties being residential and the remaining 16% being non-residential. The data encompasses both primary and secondary market transactions, covering all property types, including residential, commercial, and others. Despite a 7% decrease compared to December 2022, which saw 9,367 units registered, the strong consumer inclination towards purchasing homes has driven the residential property sales in Mumbai.
Despite various challenges, such as rising house loan rates, a lack of government concessions, and increased property prices over the past year, the demand for properties in Mumbai has remained robust. According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, the positive demand sentiment is likely to persist as the Indian economy continues to grow. He also mentioned that the Maharashtra government will continue to be a major beneficiary of this demand, even if the repo rate increases in the future.
In 2022, the total number of property registrations in Mumbai rose 9% YoY to 1,22,035 units, which is the highest it has been in the last decade. This shows a significant improvement from the previous years, with 64,242 units registered in 2013, 63,636 units in 2014, 67,400 units in 2015, 63,255 units in 2016, 68,659 units in 2017, 80,746 units in 2018, 67,863 units in 2019, and 65,633 units in 2020.
The real estate market in Mumbai has shown a strong growth trend, despite various challenges, and is expected to continue to grow in the future. With the Indian economy expected to remain strong, the demand for properties in Mumbai is likely to persist, providing a favourable environment for both buyers and sellers.
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