Mumbai Experienced a Decline in Property Registrations During July

Mumbai Experienced a Decline in Property Registrations During July

ANAROCK India released a report stating the financial capital revenue collections from the real estate registrations in July.

Mumbai has recently experienced a 6% decrease in the sales of real estate properties, where only 9,923 units of flats were registered in July 2023! According to ANAROCK India, Mumbai witnessed a decline of 6% in property registrations in the last month compared to June 2023 and a 3% decrease in July 2022.

The report also explained the reason for the decrease. It stated that the arrival of monsoon lessens the site visits resulting in a decline in overall property registrations. The officials added, “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”.

The Chairman of ANAROCK group, Anuj Puri, says, “A quick assessment of new unit launches in Mumbai for the period of April-June 2023 indicates that the properties ranging from 500 sq. ft. to 1,000 sq. ft. dominated with the highest share of 51%. Following closely were small properties sized, less than 500 sq. ft., contributing an additional 35%. Properties of 1,000 sq. ft. and above accounted only for 14% during the above period”.