Property registration in Mumbai city has seen a significant rise of 4 percent, reaching a record 1,26,907 units in the year 2023, according to a recent report. The state government has collected a revenue of Rs 10,869 crore as stamp duty during the same period, indicating a notable increase of 22 percent compared to the previous year.
The month of December alone witnessed a substantial surge in property registrations, with 12,255 units registered in Mumbai city, an area under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC). This figure represents a remarkable growth of 31 percent compared to the same period the previous year, which saw 9,367 units registered.
The data on property registrations has been compiled by Knight Frank, a renowned global real estate consultancy firm, based on information obtained from the Department of Registrations and Stamps of the Maharashtra government. The data encompasses sales in both the primary (fresh) and secondary (re-sale) markets.
Residential units continue to dominate the overall registered properties, accounting for 80 percent of the total. This trend highlights the ongoing demand and interest in housing among the residents of Mumbai.
Shishir Baijal, the Chairman and Managing Director of Knight Frank, attributed the surge in property registrations to various factors such as increased income levels, greater affordability, and a positive outlook toward homeownership. Baijal emphasized the significant rise of 57 percent in the share of high-value property registrations, underscoring the market’s strength and resilience.
Baijal further pointed out that stable interest rates, coupled with the growing preference for more spacious and superior quality homes, have boosted confidence among homebuyers, thus contributing to the upward momentum of Mumbai’s real estate sector.
Akhil Saraf, founder of Proptech startup Reloy, highlighted the enduring appeal of real estate as a safe investment asset alongside gold. Saraf emphasized that despite economic downturns in other parts of the world, properties remain secure and provide both utility and value. Furthermore, Saraf dismissed the long-standing debate of rent vs. buy in the Indian housing market, citing the upward trajectory of prices and rent as a definitive factor in favor of property ownership.
The rise in property registrations in Mumbai signifies a robust real estate market, supported by increased purchasing power and positive market sentiment. With a growing global audience seeking safe and viable investment options, the surge in property registrations presents an attractive opportunity for both buyers and sellers alike. The strong performance of Mumbai’s real estate sector serves as a testament to the city’s position as a thriving metropolis and a prime destination for real estate investments.
