Property registration in Mumbai city rose 78% in May to 9,523 units

Mumbai Municipal Property Registration rose 78 percent year-on-year to 9,523 units this month, according to property advisor Knight Frank India.

As many as 5,360 properties were registered in Mumbai city (BMC area) in May 2021.

The registration details are for properties purchased in both the primary and secondary (resale) market.

May 2022 recorded 9,523 units of property sales indicating a 78 percent YoY increase. impact of the 2nd wave of Covid- 19, “Knight Frank said in a statement.

Shishir Baijal, Chairman and CEO, Knight Frank India said the real estate market in Mumbai remained steady despite the pressure of inflation, rising input costs and increasing stamp duty.

“Due to a paradigm shift in attitudes, home buyers, who now consider property important for long-term stability, were happy to complete their purchases while keeping affordability within acceptable range,” he said.

The adviser said that 85 percent of property registrations in May 2022 were for housing offers, while commercial property deals contributed 10 percent of the total deals registered in May 2022.

Mumbai’s primary housing market includes Macrotech Developers (Lodha Group), Godrej Properties, Oberoi Realty, Hiranandani Group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee Group and K Raheja Group the most important players.

(Only the headline and image of this report may have been re-edited by Business Standard staff; the rest of the content will be automatically generated from a syndicated feed.)

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