Maharashtra: Property registrations rise by 9 per cent in Mumbai city during 2022

Registration of properties in Mumbai city rose 9 per cent year-on-year during 2022 calendar year to nearly 1.22 lakh units highest in the last one decade on better demand, according to Knight Frank India.

As per the data compiled by real estate consultant Knight Frank India, the registration of properties in Mumbai city (BMC area) stood at 1,21,850 units during this calendar year till 2.20 pm on Friday. During the last year, as many as 1,11,913 units were registered.

Out of the total registration of properties in 2022, 86 per cent were residential. The data pertains to transactions in both primary (fresh sales) and secondary (re-sale) markets of all types of properties residential, commercial and others.

Registration of properties stood at 64,242 units in 2013; 63,636 units in 2014; 67,400 units in 2015; 63,255 units in 2016; 68,659 units in 2017; 80,746 units in 2018; 67,863 units in 2019; and 65,633 units in 2020.

The consultant said Mumbai city (the BMC area) saw property sale registration of 9,182 units in December 2022, contributing over Rs 821 crore to the state revenues.

Post-Covid, the need for house ownership has driven property sales in Mumbai city. This is evident from 2022 that emerged as a second consecutive year recording property registrations over 1 lakh units after 2021. Thus, making 2022 the year with highest annual property sale registrations in the last decade, Knight Frank said.