Mumbai’s real estate market records a 5% on year rise in average prices.

Mumbai, the country’s most expensive real estate market, records a 5% on year rise in average prices, while the pace of average price growth in global prime residential markets has started to weaken.

Mumbai property market stood at 22^nd spot globally in prime global cities index as per Knightfrank report. Growth in housing prices is well absorbed by the homebuyers as trail blaze sales sentiment is recorded in Mumbai’s residential real estate market.

The property registrations have inflated with a 17% Y-o-Y rise, whereas the exchequer has fetched 23% higher revenue of Rs 678cr through stamp duty collections – IGR data.

“It is intriguing that homebuying buoyancy has not faded out even in the post festive quarter despite the headwinds of interest rates & inflation. This rightly indicates the real sustainable demand translating into the actual sales on ground.” Certainly, Indian real estate is poised for compounded growth in the ensuing year.