Mumbai sees 12 per cent rise in property registrations at 12,249 units in January

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Property registrations in the Mumbai municipal region rose 12 per cent on year to 12,249 units in January on strong housing demand, according to Knight Frank India, reported news agency PTI.

In January last year, 10,967 units were registered in the region.

The property registrations stood at 12,418 units in December last year.

Real estate consultant Knight Frank India said in a statement that Mumbai city (an area under Brihanmumbai Municipal Corporation's jurisdiction) in January recorded 12,249 property registrations, the highest in 13 years for the month of January, reported PTI.

"Mumbai's residential market entered 2025 with strong momentum, with January witnessing a year-on-year rise in registrations," Shishir Baijal, chairman and managing director of Knight Frank India, said, reported PTI.

While the month's registration volume was the highest for any January on record, a sequential decline in both registrations and revenue collection was observed, he added.

"This may not be considered alarming as historically as has seen a month-on-month decline, however, one should watch the space keenly. Notably, data indicates sustained strength in the premium segment," Baijal said, reported PTI.

Commenting on the growth in registration numbers, proptech firm Reloy founder and CEO Akhil Saraf said this reflects that housing demand continues to be strong after the end of the festive season.

Property registrations in Mumbai city hit 13-year-high in 2024 at over 1.41 lakh units

Mumbai city saw an 11 per cent increase in property registrations in 2024, reaching 1,41,202 units - a 13-year high - driven by strong housing demand, according to Knight Frank India.

In December 2024, the city under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) recorded 12,418 property registrations, generating Rs 1,134 crore in revenue for the state exchequer, as per the real estate consultant's report, citing government data. Residential properties made up 80 per cent of the total registrations in December, news agency PTI reported.

In December 2023, 12,285 properties were registered.

"The total number of property sales registrations for the year 2024 will reach 1,41,202, while the revenue generated from property registrations for the year is estimated to stand at Rs 12,141 crore. Both these figures represent a new 13-year high," the statement said.

"Property registrations from January to December 2024 grew by 11 per cent year-on-year, driving the fastest revenue growth in a decade at 12 per cent. This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbai's real estate market as a key driver of economic activity and an attractive long-term investment," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

(With inputs from PTI)