01 January,2025 05:36 PM IST | Mumbai | mid-day online correspondent
Representational pic
Mumbai city saw an 11 per cent increase in property registrations in 2024, reaching 1,41,202 units - a 13-year high - driven by strong housing demand, according to Knight Frank India.
In December 2024, the city under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) recorded 12,418 property registrations, generating Rs 1,134 crore in revenue for the state exchequer, as per the real estate consultant's report, citing government data. Residential properties made up 80 per cent of the total registrations in December, news agency PTI reported.
In December 2023, 12,285 properties were registered.
"The total number of property sales registrations for the year 2024 will reach 1,41,202, while the revenue generated from property registrations for the year is estimated to stand at Rs 12,141 crore. Both these figures represent a new 13-year high," the statement said.
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"Property registrations from January to December 2024 grew by 11 per cent year-on-year, driving the fastest revenue growth in a decade at 12 per cent. This trend reflects evolved homebuyer preferences for quality and value. The data also indicates Mumbai's real estate market as a key driver of economic activity and an attractive long-term investment," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
Akhil Saraf, Founder and Chief Executive Officer (CEO) of proptech firm Reloy, noted strong demand for residential properties across all segments, PTI reported.
"Reputed developers are attracting significant buyer interest and commanding premiums for projects situated in prime locations with modern amenities. This trend is expected to persist, especially with infrastructure development in the Mumbai Metropolitan Region (MMR) opening up new areas for residential project development," said Saraf, whose company helps realty firms generate referral sales.
Benchmark indices Sensex and Nifty began the New Year on a positive note, snapping a two-day decline with gains in blue-chip stocks.
The 30-share BSE Sensex rose by 368.40 points or 0.47 per cent to close at 78,507.41 on the first trading day of 2025. During the session, it surged by 617.48 points or 0.79 per cent, reaching 78,756.49 at its peak.
The NSE Nifty climbed by 98.10 points or 0.41 per cent to settle at 23,742.90, with 37 of its constituents ending in the green and 17 closing in the red.
Among the Sensex shares, Maruti Suzuki saw the largest rise, up 3.26 per cent, after the carmaker reported a 30 per cent increase in total wholesales, reaching 1,78,248 units in December 2024.
Mahindra & Mahindra surged 2.45 per cent, following a 16 per cent rise in overall auto sales, which stood at 69,768 units in December 2024.
Larsen & Toubro, Bajaj Finance, Tata Motors, IndusInd Bank, Asian Paints, Power Grid, HDFC Bank, and Axis Bank were also among the gainers.
On the other hand, Tata Steel, Adani Ports, Zomato, HCL Tech, State Bank of India, Hindustan Unilever, and Tech Mahindra were among the laggards.
(With PTI inputs)
