Mumbai' s Property Registrations increases by 4 percent

According to Knight Frank, a real estate consultant compiled report, property registration in the Mumbai municipal area amplified 4 per cent year-on-year to an all time high of 1, 26,907 units in 2023 on the back of improved requirement. Also the data from prominent  real estate consultant in India, Knight Frank shows,  in the year 2023, the number of registrations thrashed the previous year record which is the high of 1,22,035 units. The state government of Maharashtra accumulated a revenue of Rs. 10,869 crore as stamp duty in 2023 which the rise of 22 percent from the last year.

In the month of December, there are 12,255 units were registered in Mumbai city - an area under BMC jurisdiction, which is the rise of 31 per cent from the year-ago period that registered 9,367 units.

Knight Frank has assembled the Mumbai city’s data on the registration properties from the Department of Registrations and Stamps, Maharashtra government. The data on the registration properties contains the sales in primary (fresh) & secondary (re-sale) markets. On the whole ratio of registered properties, the residential units constitute 80 percent.

On speaking to this, Shishir Baijal, CMD of Knight Frank says, “Supported by stable interest rates and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai’s real estate momentum” Also he added, “ The demand has been driven by rising income levels, better affordability, and a positive homeownership outlook ”.