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Property sale registrations in Mumbai touch 10-year high in August: Report

The stamp duty collections also rose 23% year-on-year in Mumbai to Rs 790 crore in August as compared to Rs 644 crore in August 2022

mumbai property registration

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Raghav Aggarwal New Delhi

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The number of registrations of properties in Mumbai touched a 10-year high of 10,550 units in August, 23 per cent higher than 8,552 units in August 2022, data released by real estate consultancy Knight Frank on Thursday showed.

The stamp duty collections also rose 23 per cent year-on-year to Rs 790 crore in August compared to Rs 644 crore in August 2022. Of the overall registered properties, residential units constituted 80 per cent, and the remaining 20 per cent were non-residential assets.

"Such resilience can be attributed to factors like rising income levels and positive attitudes towards homeownership," the consultancy said.

Since January this year, Mumbai has seen a sale of 83,263 units with a revenue of Rs 7,242 crore. This is 22 per cent higher than Rs 5,924 crore in the first eight months of 2022. The rise has been attributed to more registrations of higher-value properties and an augmented stamp duty rate by the state government.

Interestingly, the share of houses priced at Rs 1 crore and above in total registrations has continued to rise. From 48 per cent in 2020, the share has increased to 57 per cent. It was 54 per cent in 2022 and 53 per cent in 2021.

Of the total 83,263 units, 47,460 were priced at Rs 1 crore or above.

"Remarkably, the share of registration of properties valued at Rs 1 crore and above continue to rise, led by surge in property prices and increasing preference among home buyers for more spacious accommodation," said Shishir Baijal, chairman and managing director at Knight Frank India.

"Overall, the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand."

The data further highlighted that Mumbai's Central and Western areas have experienced a surge in launches in response to strong demand.

"These areas offer excellent value, with modern amenities provided in most new developments. Additionally, these locales are already well-connected or are set to be linked through upcoming metro networks, further enhancing the attractiveness of these properties," it said.

Driven by these factors, around 75 per cent of buyers in West Mumbai and 84 per cent of buyers in Central Mumbai opt to invest in the same locality. 

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First Published: Aug 31 2023 | 3:49 PM IST

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