With the festive season underway, Mumbai’s real estate market has witnessed a significant upswing in property registrations. According to official data, property registrations in the city rose by 21 percent to 10,244 in October, with revenue from these registrations increasing by 11 percent, reaching Rs 809 crore.
The data, sourced from the Maharashtra Inspector General of Registrations and Stamps (IGR) as of 11.30 am on October 31, highlighted the positive trend. The Navratri period (October 15-23) saw a notable spike in property registrations, further boosting revenue.
Comparing this October to the same month last year, there has been a remarkable 21 percent increase in property registrations, up from 8,422. In terms of revenue collection, there was an 11 percent rise from Rs 723 crore in October 2022 to Rs 809 crore this October, according to government records.
In September, Mumbai had reported 10,694 property registrations and revenue of Rs 1,127 crore, indicating strong activity in the real estate sector.
Knight Frank India, a real estate consultancy firm, has projected that Mumbai’s real estate market will report 10,523 property registrations by the end of October 31, contributing revenue of Rs 831 crore to the state government. This would mark a 25 percent increase in registrations and a 15 percent growth in revenue compared to the same month last year.
Of the total registered properties, residential units make up 80 percent, with the remaining 20 percent being non-residential assets, according to Knight Frank India.
The surge in property registrations this month marks a significant milestone for Mumbai, making it the most successful October in the past 11 years, both in terms of registration numbers and government revenue. This reflects the enduring strength of Mumbai’s residential real estate sector and the continued trust of property buyers. Factors such as rising income levels and a positive attitude towards homeownership have contributed to this resilience, according to Knight Frank India’s report released on October 31.
During the nine days of Navratri in 2023, which spanned from October 15 to October 23, Mumbai saw 4,594 property registrations, marking a 37.4 percent year-on-year growth. This is a significant increase from the 3,343 units registered during Navratri the previous year, as reported by Knight Frank India.
In Mumbai, the Central and Western suburbs have experienced a surge in property launches in response to strong demand. These areas offer a wide range of properties with modern amenities and are well-connected or set to be linked through upcoming metro networks, making them highly attractive to buyers.
The report from Knight Frank India also noted that around 74 percent of western suburb buyers and 81 percent of central suburb buyers choose to purchase within their micro markets due to familiarity with the location.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted the positive trends, saying, “The Mumbai residential real estate market continues to demonstrate impressive resilience, consistently exceeding the threshold of 10,000 property transactions. This trend is further reinforced by the increasing prominence of properties valued at Rs 1 crore and above, indicating a shifting preference towards more spacious and upscale accommodations. Additionally, in the context of steady economic growth in the country, homebuyers are increasingly anticipating a stable interest rate environment, which holds the potential to strengthen the housing market further, creating an environment filled with promising opportunities and optimism.“
In the first 10 months of 2023, the Mumbai real estate market has reported a registration count of 104,832 units, resulting in a substantial revenue accumulation of Rs 9,221 crore for the state treasury. This achievement stands as the highest within the same timeframe since 2013, with factors such as the registration of higher-value properties and augmented stamp duty rates contributing to the elevated revenue growth, as noted in the Knight Frank India report.