Property Rates in India: There has been a big change in the thinking of people after facing the Covid 19 pandemic. The real estate sector has also not remained untouched by this. The purchase of houses has increased rapidly in the last 2 years across the country. Along with this, now people are not liking small houses. They have become interested in big and luxury flats. The real estate sector is also skyrocketing in the country’s financial capital Mumbai. Houses were already very expensive here due to lack of space. Now property rates are also soaring in the areas adjoining Mumbai. Not only have property registrations increased in Mumbai but more money has also gone into the government treasury.
12,160 properties were registered in Mumbai in July
According to a report, 12,160 properties were registered in Mumbai in July 2024. This is 16 percent more than the 10,221 registrations done in the same period last year. Based on the data of Inspector General of Registration and Controller of Stamps of Maharashtra, Knight Frank India has informed in its report that 11,673 properties were registered in June 2024. This added about Rs 1,055 crore to the government treasury. This is 27 percent more than the same period last year.
Demand for 1,000 square feet apartments is increasing
According to the report, 84,653 properties have been registered in Mumbai from January to July 2024. This is 16 percent more than the same period of the year 2023. This has given the government a revenue of Rs 6,929 crore. On an average, 12,093 property registrations are taking place in Mumbai every month and a revenue of Rs 987 crore is coming from them. Of these, the share of apartments with 500-1,000 square feet was 49 percent and up to 500 square feet was 33 percent. In July 2023, the share of registrations up to 500 square feet was 38 percent.
Despite the high prices of houses, the enthusiasm of buyers remains intact
Knight Frank’s Chairman and MD Shishir Baijal said that new registrations have increased more in the central sub-urban areas. There has been a decline in the western sub-urban areas. In the first 7 months of the year, encouraging results have come from the real estate market of Mumbai. Despite expensive houses, the enthusiasm of buyers remains intact. Stable interest rates are also playing an important role in this.
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