Property registration in Mumbai municipal area is set to fall by at least 26 per cent year-on-year in March to 12,421 units on higher base and rise in mortgage rates, according to Knight Frank India. The registration data is up to 10.30 am on Friday and the numbers would increase by end of the day.
Real estate consultant Knight Frank India said the property registration in March 2023 was highest during this fiscal year. "Mumbai city (area under BMC jurisdiction) saw property sales registration of 12,421 units in March 2023, contributing over Rs 1,143 crore to the state revenues," real estate consultant Knight Frank India said in a statement.
Of the total properties registered, 84 per cent were residential while 16 per cent were non-residential properties. In March last year, as many as 16,726 properties were registered. However, registration of properties rose 28 per cent from 9,684 units in February this year. Knight Frank India Chairman & Managing Director Shishir Baijal said: "Notwithstanding recent interest rate increases, the strength of Mumbai property market was on display in March. The market saw an increase in property registrations as it recorded its highest registrations for fiscal year 2023 in March 2023, driven by the resolute homebuyer desire for ownership."
This reflects the buoyancy of the Mumbai property market, which remains strong in the face of headwinds, he added. Knight Frank India said that bulk of the sales registrations were for properties in western suburbs of Mumbai city constituting 62 per cent of the market share.
In March 2023, apartments measuring 500 square feet to 1,000 square feet continued to be purchasers' preference, accounting for 48 per cent of all apartments. As per the data, in March 2023, properties costing Rs 2.5 crore and below accounted for 82 per cent of registered properties.