News roundup: Mumbai records over 11,800 property registrations in May 2024, and other news

For PropertyGuru’s real estate news roundup, Mumbai is expected to record property registration in excess of 11,802 units in May 2024. In other updates, the industrial real estate of Vietnam is benefitting from the country’s booming semiconductor sector, while Thai developers are adjusting to the consecutive dips in low-rise house transfers.

Mumbai records over 11,800 properties in May 2024: Report

Mumbai, the city that falls under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, is expected to record property registration in excess of 11,802 units in May 2024, adding over Rs 1,010 crore to the state exchequer for the month of May 2024, as per the Knight Frank India report. Compared to the same time the previous year, property registrations have risen by 20 percent year-on-year (YoY), revenues from property registrations is expected to increase by 21 percent YoY.

As per the report in Housing.com, the sustained confidence of homebuyers in Mumbai has maintained the momentum for property sales leading to Mumbai’s property registrations consistently surpassing the 10,000 mark for the first five months of the year.  Also, the market has seen consistent YoY growth in registration for ten successive months since August 2023. Of the overall registered properties in May 2024, residential units constitute 80 percent.

Vietnam’s industrial real estate benefits from booming semiconductor sector

Driven by the surging demand for semiconductor manufacturing and assembly, companies are actively seeking factories and industrial parks with necessary infrastructure and services, according to Thomas Rooney, Senior Manager of Industrial Services at Savills Vietnam.

Stable power supply, high-speed internet, and an efficient water treatment system are top priorities for these firms, Rooney explained in VietnamPlus.

He said Vietnam is strategically located in Southeast Asia, easily accessing major regional markets. Additionally, the country boasts favourable natural conditions with abundant rare earth, a critical raw material in semiconductor production. Political stability and various investment incentives also make it an attractive destination for foreign firms.

Developers adjust to decline in transfers in Thailand

The number of land allocation permits nationwide dropped by 19.7 percent in the first quarter of 2024, the largest decline in nine quarters, as developers adjusted after seeing a consecutive dip in low-rise house transfers.

Vichai Viratkapan, acting director-general of the Real Estate Information Center, said the number of low-rise house transfers in the first quarter of 2024 declined year-on-year by 18.9 percent to 49,423 units.

“After developers saw the decline for several quarters, they halted new plans,” he said in Bangkok Post. “Key factors for the drop in low-rise house transfers were the economic slowdown, lower purchasing power and stricter mortgage rules.”

The Property Report editors wrote this article. For more information, email: [email protected].