Thursday, July 25, 2024

Mumbai Sees Second-Highest Property Registrations in 11 Years, Records 4% Revenue Growth in December

In a significant uptick for Mumbai’s real estate sector, property registrations in December soared to the second-highest level in 11 years, marking a year-on-year increase of about a third. According to state government data, the city witnessed the registration of approximately 12,500 units, contributing to a stamp duty collection of ₹952 crore. Sequentially, registrations saw a notable 28% increase, with revenue surging by 34%.

The robust performance is indicative of the continued confidence exhibited by homebuyers in Mumbai’s property market, supported by sustained demand and a positive overall sentiment. Property consultant Knight Frank attributes this surge to growing income levels and a favorable perception of homeownership among potential buyers.

In 2023, property registrations reached an impressive 1.27 lakh units, the highest since 2013 and a 4% increase from the previous year. The total stamp duty collected during the year amounted to nearly Rs 11,000 crore, reflecting a substantial 20% growth compared to the previous year.

Knight Frank highlights various factors contributing to this revenue growth, including the registration of properties with higher values and the increased stamp duty rate. Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted, “The year 2023 witnessed a remarkable upswing for the city’s real estate market as the city achieved its highest property registrations in 11 years driven by rising income levels, better affordability, and a positive homeownership outlook.” He further emphasized the 57% increase in the share of high-value property registrations, underscoring the robustness of the market. With stable interest rates and a growing preference for larger homes, homebuyer confidence continues to drive the momentum in Mumbai’s real estate sector.

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