Mumbai Property Registrations Soars by 26% to a Decade High in October 2023

Mumbai's property market witnessed a rise of 26% in October 2023 registrations, marking a decade high. Homebuyer's festive season optimism shines.

In October 2023, the number of properties registered in Mumbai increased by 26%, reaching 10,607 units. This is a massive increase from the 8,422 properties registered in the same month the previous year in the area governed by the BMC.

Out of these registered properties, a huge 80% were homes. This October marked the highest property registrations in the past 11 years.

Shishir Baijal, the Chairman & Managing Director of Knight Frank India, was amazed by this growth, saying, "The Mumbai real estate market is doing really well, with more than 10,000 property transactions consistently."

Boman Irani, President of CREDAI, also praised this trend. He said, "October had strong property registrations and home sales, which shows that people are feeling positive about buying homes, especially during the festive season".

Several factors have contributed to this surge, including the favourable time for buying homes, a preference for buying instead of renting, and the desire for larger, more comfortable homes. Developers have been offering discounts and bonuses to help people buy bigger and better homes to fit their changing lifestyles.

A stable lending environment and a growing economy have also played a part in this increase, according to Irani.