People’s thinking has changed dramatically since the COVID-19 epidemic. The real estate sector has also not remained untouched by this. The purchase of houses has increased rapidly in the last two years across the country.
People do not like small houses anymore. They have become interested in big and luxury flats. The real estate sector is also skyrocketing in Mumbai, the country’s financial capital. Houses were already very expensive due to the lack of space here. Now, property rates are also flying in the areas adjoining Mumbai. Property registrations have increased in Mumbai, and more money has gone into the government treasury.
12,160 Properties Registered In Mumbai In July
According to a report, 12,160 properties have been registered in Mumbai in July 2024. This is 16 percent more than the 10,221 registrations in the same period last year. Based on the data of the Inspector General of Registration and Controller of Stamps of Maharashtra, Knight Frank India has informed in its report that 11,673 properties were registered in June 2024. This brought about Rs 1,055 crore to the government treasury. This is 27 percent more than the same period last year.
Increasing Demand For 1,000 Square Feet Apartments
According to the report, 84,653 properties have been registered in Mumbai from January to July 2024. This is 16 percent more than the same period of the year 2023. This has given the government a revenue of Rs 6,929 crore. On average, 12,093 property registrations occur in Mumbai every month, and a revenue of Rs 987 crore comes from them. Of these, the share of 500-1,000 square feet of apartments was 49 percent, and up to 500 square feet was 33 percent. In July 2023, the share of registrations up to 500 square feet was 38 percent.
Despite Expensive Houses, Buyers’ Enthusiasm Remains Intact
Knight Frank Chairman and MD Shishir Baijal said that new registrations had increased in the central suburban area and declined in the western suburban area. In the first seven months of the year, the real estate market of Mumbai has produced encouraging results. Despite expensive houses, buyers’ enthusiasm remains intact. Stable interest rates also play an important role.
