Mumbai's real estate market surges witnessed the registration of 10,990 properties in August

Mumbai witnessed the registration of 10,990 properties, leading to a revenue collection of over Rs 810 crore, while in the same month last year, 8,552 properties were registered that brought in a revenue of Rs 643 crore. According to officials, here has been a surge in registration numbers and revenue collection. Despite the changing property purchase trends, Mumbai’s real estate market has retained an overall positive outlook, said Anuj Puri, chairman of ANAROCK Group, who highlighted that the third consecutive month of 10,000+ property registrations remained unaffected even during peak monsoon. The upcoming festive season is expected to further boost homebuyer sentiment and lead to heightened property registration activity in the coming months, as per Puri.

The increased revenue growth can be attributed to several factors. Higher-value property registrations and an augmented stamp duty rate are noted as contributing factors. Knight Frank India, a real estate consulting company, provided insights into the rising share of registrations for properties valued at Rs 1 crore and above. This surge is attributed to increased property prices and a preference among homebuyers for more spacious accommodations.

Of the total registered properties in August 2023, residential units constituted 80 percent, while the remaining 20 percent was non-residential assets. As per the real estate consulting company report, in the Central and Western suburbs of Mumbai, buyers are upgrading within their own micro markets. Around 75% of Western suburb buyers and 84% of Central suburb purchasers opt to invest within their familiar micro market.

Shishir Baijal, chairman & managing director, Knight Frank India, said, “Mumbai’s residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at Rs 1 crore and above continue to rise, led by surge in property prices and increasing preference among home buyers for more spacious accommodation. Overall, the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand.”