Property registrations in Mumbai fell 12% to 9,923 units in June: Anarock

Mumbai real estate sector is likely to witness a momentary slowdown in the next few months, but the long-term direction remains upward, said Anarock

Mumbai recorded a 12 per cent dip in property registrations to 9,923 units in July as compared to the month last year, data released by property consultancy Anarock said on Monday. As compared to June, the registrations were down four per cent.

The revenue collected by the government in July amounted to Rs 808 crore, reflecting a six per cent decrease from June and a three per cent decline from July 2022.

Anuj Puri, Chairman – Anarock Group, said, “A quick assessment of new unit launches in Mumbai for the period of Apr-Jun 2023 indicates that properties ranging from 500 sq ft to 1,000 sq ft dominated with the highest share of 51 per cent."

"Following closely were properties sized less than 500 sq ft, contributing an additional 35 per cent. Properties of 1,000 sq ft and above accounted only for 14 per cent during the above period," he added.

“Analysing the new unit launches in Mumbai for the period of Apr-Jun 2023, it was evident that the Rs 80 lakh- Rs 1.5 crore segment experienced the highest activity, constituting 43 per cent of the total,” Puri said.

“Following closely was the Rs 1.5-2.5 crore segment, making up 27 per cent of the total. Surprisingly, properties priced above Rs 2.5 crore accounted for 21 per cent of the total, indicating a noteworthy share and rising from 17 per cent in the previous quarter,” he added.

Mumbai, as a hub of affluent individuals, has seen a strong demand momentum in the luxury housing sector, and this trend is expected to continue for at least the next couple of years.

Regarding the regional analysis of Mumbai's new launches in Apr-Jun 2023, the highest number was recorded in the Western Suburbs (55 per cent), closely followed by the Central Suburbs (38 per cent).

The operationalisation of the second phase of two metro lines has spurred real estate activity in the Western Suburbs as connectivity has improved and commuting has now become convenient.

Meanwhile, with the arrival of monsoon, the next few months are likely to witness a momentary slowdown. However, the long-term direction remains upward, with the Mumbai real estate sector remaining on a strong footing.