Mumbai's high-priced real estate: Still a hot commodity

According to Knight Frank India, the registration of properties in the Mumbai municipal region rose 26% annually to 10,607 units in the month of October 2023 contributing a revenue of over Rs 835 crores to the state exchequer. The registration of properties in October 2023 has been the highest in the past 11 years. Total 8,422 properties were registered in October last year in Mumbai city.

Of the overall registered properties in October 2023, residential units constituted 80% of the share, the remaining 20% constituted non-residential assets.

Here is what real estate developers have to say on these robust numbers:

Pritam Chivukula, VP, CREDAI-MCHI; and co-founder & director, Tridhaatu Realty: “The Mumbai housing market has once again seen exceptional home sales given the ongoing festive season and positivity being witnessed in the housing sector. The government has initiated positive policy measures, this coupled with improved market sentiments, rise in aspirations and income levels has further fuelled housing demand among home buyers propelling home sales. We expect housing demand to remain strong given the rapid infrastructure growth which has improved market sentiments and fuelled housing demand.”

Rohan Khatau, director, CCI Projects: “The Mumbai real estate market is experiencing remarkable growth, and these registration statistics serve as solid evidence of this trend. A positive sentiment among potential homebuyers is driving increased home sales. Rising income levels and the aspiration to own a home have played significant roles in motivating buyers to pursue their dream homes. Furthermore, ongoing infrastructure projects throughout the MMR region have played a crucial role in boosting home sales.”

Vivek Mohanani, MD & CEO, Ekta World: “The registration figures only prove that the Mumbai housing market is robust as prospective home buyers are actively seeking to purchase their dream homes. Mumbai is experiencing an upgrade through several infrastructure projects that are not only improving connectivity but also expanding housing opportunities to emerging areas. With the positive sentiment among home buyers on the rise, and with Diwali on the horizon, it is anticipated that home sales will achieve unprecedented levels.”