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India is writing the new history of the new India, the demand for real estate sector is increasing

Sagar Patel

By Sagar Patel

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India is moving rapidly towards progress. You can check the GDP growth of the country or the World Bank report. You won’t be disappointed anywhere. Now a report has arrived from Knight Frank. He has also tried to tell that India is writing the history of a new India. This story is related to the houses of the Indians. This report shows that people are investing more and more in the home of their dreams. You will be surprised to know that the Modi government is moving quickly to help those people who cannot buy their homes. Under the Prime Minister’s Awas Yojana, they are given low-interest loans and subsidies. Real estate consultant Knight Frank has said in his report that property registration in the Mumbai municipal area rose 12 per cent year-on-year in June to 11,575 units.

Increased confidence among buyers.

According to data published by real estate consultant Knight Frank on the Maharashtra government portal, 11,575 units were registered in Mumbai city (area under the jurisdiction of the Bombay Municipal Corporation) in June, compared to 10,319 units in the same month of last year. However, the number of registrations in June was lower than in May. In May, 12,000 properties were registered. Most of the registration is of residential properties. Amid growing buyer confidence, the number of property registrations in Mumbai has crossed 10,000 units in the first six months of the current calendar year 2024.

What does the report say?

The real estate consultancy said the number of property registrations in Mumbai in June 2024 is the highest level in the last 12 years. Knight Frank said there has been a rise in property registrations due to rising economic prosperity and favourable sentiment towards home buying. Shishir Baijal, chairman and managing director, Knight Frank India, said the continued year-on-year rise in property sale registrations reflects the strength of the Mumbai real estate market.

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Growth was also observed in the January-March quarter.

PropTiger.com has said in its quarterly report Real Insight Residential: January-March 2024 that in value terms, home sales stood at Rs 1,10,880 crore in January-March this year, which was up from Rs 66,155 crore in the same period last year. Vikas Wadhawan, Chief Commercial Officer and Chief Financial Officer (CFO) at PropTiger, says that there has been growth in home sales both in terms of number and value. This is a good sign for the entire economy as over 200 supporting industries, including cement and steel, depend on the real estate market.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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