20% property registration surge in May

Mumbai recorded more than 11,800 registrations last month; ₹1,010 crore added to state exchequer; registrations increased by 20% YoY compared to same time previous year; revenues are up by 21%

- BHALCHANDRA CHORGHADE

Mumbai city that falls under the BMC jurisdiction, has recorded 11,802 property registration in May, adding over Rs1,010 crore to the state exchequer. Compared to the same time previous year, property registrations have risen by 20% year-on-year (YoY), revenues have increase by 21% YoY. This was mentioned in a report by global real estate consultant Knight Frank.

The market has seen consistent YoY growth in registration for ten successive months since August 2023. Of the overall registered properties in May, residential units constitute 80%.

In the past five months, the total number of properties registered was recorded at 60,622, which was higher by 16% YoY against the same period in 2023, which had recorded the registration of 52,173 properties.