Wednesday, July 24, 2024

Mumbai Real Estate Sees Over 3% YoY Surge in November Property Registrations

Mumbai’s real estate sector witnessed a year-on-year increase of over 3% in property registrations for November 2023, recording 9,255 registrations and generating revenue of Rs 677 crore, according to data from the Maharashtra Inspector General of Registrations and Stamps (IGR) as of November 30, 11 am. While the number of registrations in November 2022 was 8,965, the revenue collection experienced a slight dip of 1% from Rs 684 crore in November 2022 to Rs 677 crore this year.

October 2023 had shown robust performance with 10,244 registered properties, marking a 21% YoY surge, accompanied by an 11% increase in revenue collection at Rs 809 crore compared to October 2022.

Residential units constituted 80% of the overall registered properties in November, with the city on track to achieve its most successful November in property registrations in the past 11 years, as per Knight Frank India. Despite fewer working days due to holidays, the month saw 9,000-plus property registrations, reflecting the enduring strength of Mumbai’s residential real estate sector.

The central and western suburbs accounted for over 75% of the registered properties, driven by new launches offering modern amenities and good connectivity. Buyers in these areas largely preferred to stay within their existing micro-markets, influenced by familiarity and suitable pricing and feature options.

In the first 11 months of 2023, Mumbai achieved a registration count of 114,069 units, contributing Rs 9,895 crore to the state treasury, the highest within the same timeframe since 2013. This surge in registrations has significantly bolstered the Maharashtra government’s revenue growth, attributed to higher-value property registrations and an increased stamp duty rate.

Looking ahead to 2024, Knight Frank India’s Outlook 2024 report anticipates a 5.5% increase in prime residential prices in Mumbai, fueled by high demand and strong economic growth. The residential, office, and warehousing markets are expected to remain buoyant, with sustained growth potential in both mid- and high-priced residential properties. The report emphasizes the resilience of the Indian economy and anticipates a continued upward trajectory for the residential and office sectors. Additionally, high-value transactions for properties valued at Rs 1 crore or more have shown a consistent upward trend in recent years, reaching around 57% in January to November 2023, up from 51% in the same period in 2020. This trend has proven less impacted by changes in property prices and repo rates.

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