The real estate market of Mumbai city is anticipated to witness a record of registering 10,901 properties in January 2024. Due to the sturdy demand for residential properties, revenue of Rs. 746 crore contributed to the state government.
As per the showed data from the Maharashtra government Department of Registrations and Stamps (IGR), this is a 21 percent Year-on-Year (YoY) increase in the registration statistics and a 8 percent Year-on-Year growth in revenue compared to the preceding year.
From the overall revenue record of registered properties, the residential units compose 80 per cent and the left over 20 per cent are from non-residential assets.
Indicating this, Knight Frank analysis states, “In January 2024, Mumbai witnessed its highest number of property registrations occurring in any January month in a 12-year span. The previous peak was fuelled by a surge in optimism and a spillover of pent-up demand as the effects of the pandemic gradually diminished. However, the recent increase can be attributed to rising income levels and a favorable perception towards home ownership”.
Along with this, the city o recorded the top January tally in terms of revenue collections in 12-years, mainly boosted by the higher stamp duty rates, escalating housing property renovation and an amplified share of first-rate properties. Especially, the properties under 500-1000 sq ft area continue to rule property registrations
The confidence of Homebuyers in the Mumbai real estate market persists & the future remains positive. This positive viewpoint has directed to an extensive soar in property registrations in Mumbai.
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