Real estate stocks rallied on Monday after a report showed that property registrations in Mumbai jumped to a 10-year high in July 2021.Shares of Oberoi Realty, Prestige Estate Projects, Sobha, Sunteck Realty, Indiabulls Real Estate and Godrej Properties jumped 4-10 percent lifting the Nifty Realty index over 5 percent during the day.According to a report by property consultant Knight Frank, property registrations in Mumbai stood at 9,037 units in the month of July which is 15 percent increase on a month-on-month basis and 239 percent increase on a year-on-year basis.In fact registrations in July 2021 are 57 percent higher than pre-pandemic levels seen in July 2019. So there is a recovery that we are seeing as far as registrations are concerned.“As the economy revives and the lockdown restrictions ease further, with the increase in pace of vaccinations, we expect this momentum to sustain provided we avoid the third wave. The fact that new registrations for the month of July have also shown an encouraging increase over last few months also bears testimony to the fact that demand for new homes remains intact,” said Shishir Baijal, Chairman & Managing Director, Knight Frank.Meanwhile, 53 percent of the total registrations in July were from new sales which compare with 42 percent in June, 29 percent in May and 7 percent in April, as per the report.Most real estate stocks are taking cues from the improved numbers and hopes of demand to sustain going ahead.“Recovery on the residential real estate market continues its momentum despite the restriction in Mumbai due to the Covid-19 second wave. We have seen strong demand in last 2 quarters and the momentum continues this quarter also. Top 10 listed players continue to gain market share in top cities in India, unorganized players finding it difficult to launch new projects due to weak launch pipeline and unavailability of capital. Listed players like Godrej, Oberoi, Sobha and brigade have a good pipeline of projects to be launch in the next 2 years,” said Yash Gupta Equity Research Associate, AngelBroking.Gupta expects the momentum in residential real-estate to continue this year. He has a buy call on Godrej Properties with a target price of Rs 1,900.