Property registrations in Mumbai up 30% over last year: Knight Frank India

"In the last decade, this stands out as one of Mumbai's best festive seasons. After a period of recovery from the recessionary trend of the past 10 years, last year was the best with around 9,500 transactions. Now, we are looking at an impressive 12,600. Post-COVID, there has been a turnaround in the real estate sector, especially for housing," Zia said.

Zia emphasised the encouraging fact that apartments below ₹1 crore accounted for more than 50% of the overall transaction numbers in Mumbai. He mentioned, "This is a great consolation. For almost 10 to 15 years, the lower end of the market has held strong, and in Mumbai, it's happening across all segments, making sales quite democratic."

In October, Zia pointed out to CNBC-TV18 that luxury home sales in the country surpassed affordable houses for the first time ever while expressing concern that the affordable housing sector, which had been a crucial driver of the real estate market's growth, was facing considerable challenges.

Overall real estate registrations in Mumbai since the beginning of the year 2023 were at 1.01 lakh, per Knight Frank India's October report. Mumbai is fourth among 46 cities globally in terms of price rise of luxury residential properties.