Last month in Mumbai, a whopping 9,255 properties got registered, bringing in Rs 677 crore in revenue for the state. That’s according to the data from the Maharashtra Inspector General of Registrations and Stamps (IGR) until 11 am on November 30.
Comparing it to last year’s November numbers of 8,965 registrations, this year’s earnings dropped slightly by 1 percent from Rs 684 crore to Rs 677 crore. But just a month before, in October 2023, a staggering 10,244 properties were registered, with revenue shooting up by 11 percent to Rs 809 crore from Rs 723 crore in October 2022.
Did you know?
Around 80 percent of these registrations were for homes, as revealed by Knight Frank India. Despite fewer working days due to holidays, over 9,000 properties were registered in November. This marks the busiest November in Mumbai’s property market in the last 11 years!
The secret behind this surge?
More people earning better and feeling positive about owning a home, according to Knight Frank India’s report.
Where did most people buy?
Mostly in the city’s central and western suburbs, accounting for over 75 percent of the registrations. These areas offer modern amenities and great connections, making them a hot pick.
Surprisingly, many buyers, about 86 percent in the western suburbs and 85 percent in the central areas, chose to buy homes in their existing neighborhoods. They prefer the familiar surroundings and the homes that match their budgets and desires.
For the whole year until November, Mumbai has seen 114,069 property registrations, earning a hefty Rs 9,895 crore for the state. This is the best performance in the last 11 years for the same period.
What’s next?
In 2024, Mumbai’s property prices are expected to go up by 5.5 percent, says Knight Frank India. So, if you’re planning to buy, you might want to keep an eye on that.
Also, interestingly, more people are buying properties worth Rs 1 crore or more. This trend has gone up from 51 percent in 2020 to nearly 57 percent in 2023, showing a shift in what people are buying due to changes in prices and loan rates.
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