The Mumbai property market has observed a significant surge in property registrations, with daily numbers expected to exceed 700, surpassing the average daily rate of May 2024. This rise is largely attributed to the auspicious celebration of Akshay Tritiya, a day traditionally associated with new beginnings and purchases.
In contrast to the average daily registration of 381 properties in May 2024, Akshay Tritiya’s registration count is projected to soar past 700, marking an 80% increase.
Shishir Baijal, chairman & managing director, Knight Frank India, said, “On the day of Akshay Tritiya, buying precious items is deemed auspicious and divinely blessed. Whether it’s property purchase or other assets such as jewellery or a new car, there’s typically a notable surge in purchases on this day. Over the past two years, Mumbai’s property market has experienced remarkable growth, with strong demand trends, and days like Akshay Tritiya often serve as catalysts for further expansion.”
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Mumbai city (area under BMC jurisdiction) records property registration of more than 11,500 units in April 2024, adding over INR 1,043 Crores (Cr) to the state exchequer. Compared to the same time previous year revenue from property registrations has risen by 16% year-on-year (YoY).
According to the assessment by Knight Frank India, the enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai’s property registrations to consistently exceed the 10,000 mark for the fourth consecutive month in 2024. Of the overall registered properties, residential units constitute 80%.
In April 2024, Mumbai experienced the second-highest number of property registrations for April in over 12 years, alongside its highest April stamp duty collection within that time frame. This surge can be attributed to increasing income levels and a positive attitude towards homeownership.
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