Latest News | Property Registration in Mumbai City May Remain Flat at Around 9,800 Units

New Delhi, May 31 (PTI) Registration of properties in Mumbai municipal area is likely to remain flat year-on-year during May at around 9,800 units as demand continues to remain strong, according to Knight Frank India.

The real estate consultant said that nearly 9,790 units have been registered till Wednesday evening in this month. The registration process will continue till 9.30 pm.

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Out of total property registration, more than 80 per cent are residential assets.

In May last year, 9,839 units were registered in Mumbai city area (under BMC jurisdiction), it added. Last month, 10,514 units were registered. So, the registration of properties is likely to decline month-on-month basis.

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State exchequer is likely to earn a revenue of more than Rs 800 crore this month.

"The Mumbai residential market maintains its growth momentum with more than 300 properties being registered daily indicating that the demand, especially for residential, continues despite the change in stamp duty, rise in interest rates and other impediments," Shishir Baijal, Chairman & Managing Director of Knight Frank India, said.

He expected the demand to remain robust.

"...factors influencing buying decisions, especially home loan rates, are expected to remain steady as consumer inflation is fast coming down," Baijal said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)