Property registrations in Mumbai up 9% in October to 12,690 units: Knight Frank

New Delhi: Property registrations in Mumbai municipal region rose 9 per cent annually in October to 12,690 units on better housing demand, according to Knight Frank.

As many as 11,649 properties were registered in October last year. Real estate consultant Knight Frank has analysed the data from the Maharashtra department of registrations and stamps.

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The data relates to both primary and secondary property market of Mumbai Municipal region (BMC).

The bulk of registration pertains to residential properties. Stamp duty collections stood at Rs 1,173 crore, an increase of 12 per cent year-on-year.

Shishir Baijal, Chairman & Managing Director of Knight Frank India, said, "Mumbai's residential market continues to demonstrate exceptional resilience and depth. October's performance is encouraging because it was achieved despite the overlap of Shraddh and a shorter effective registration period during Navratri."

He noted that the annual growth in numbers reflects the strength of end-user demand and sustained confidence among homebuyers.

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Proptech firm Reloy Founder Akhil Saraf said the housing sales continues to be strong in Mumbai, especially for premium, luxury and ultra luxury homes.

The demand is strong from end users as well as investors despite global uncertainties, said Saraf, whose tech startup venture helps builders in generating referral sales from their existing customers.