Mumbai Real Estate Surges to 11-Year High with Record Property Registrations in December: Knight Frank Report

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    In the BMC jurisdiction, Mumbai observed a notable surge in real estate activity throughout 2023, registering a total of 127,139 properties. Knight Frank India’s official report highlighted this remarkable growth in property sales, marking the highest registrations since 2013, representing a 4% increase from the prior year.

    The stamp duty collection for 2023 soared to an impressive INR 10,889 Crores, marking a substantial 22% year-on-year growth. December 2023 alone witnessed 12,487 property registrations, contributing INR 952 Crores to the state’s revenue.

    Chairman and Managing Director of Knight Frank India, Shishir Baijal, noted, “The surge in property registrations in 2023 reflects Mumbai’s robust real estate market, driven by rising income levels, improved affordability, and positive sentiments towards homeownership.”

    The year-on-year rise in registrations recorded a 33% increase, accompanied by a 14% surge in stamp duty revenue compared to the previous year. The confidence among Mumbai homebuyers continues to drive the real estate market, supported by sustained demand and an optimistic outlook.

    Baijal highlighted, “With a 57% surge in high-value property registrations and an increasing preference for larger homes, the market remains resilient. Stable interest rates have also contributed to this positive momentum.”

    The surge in property registrations was primarily driven by residential units, comprising 80% of all registered properties, while the remaining 20% constituted non-residential assets.

    December 2023 marked the second-highest volume of property registrations in an 11-year period, influenced by the diminishing impacts of the pandemic and an optimistic sentiment. Rising incomes and a favorable attitude toward homeownership significantly contributed to this upswing.

    Central and Western suburbs represented over 75% of the total properties registered, reflecting the popularity of these areas due to modern amenities and excellent connectivity. The familiarity and availability of preferred properties within specific micro markets heavily influenced consumers’ purchasing choices, accounting for 86% in Western suburbs and 84% in Central suburbs.

    Furthermore, the percentage of property registrations valued at INR 1 crore or higher has shown a consistent increase from 52% in 2020 to around 57% in 2023. While lower-priced segments faced challenges due to increased property prices and policy rate hikes, higher-value properties demonstrated more resilience against these market shifts.

    (Source: Mint)

    Also read: Maharashtra Government Eliminates Affordable Housing in Resurrected Development Zones

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