Mumbai Sees Property Registrations Cross 10,000 Mark For Third Straight Month

August 31, 2023
Posted in News
August 31, 2023 veps

Mumbai city—which comprises an area under the BMC jurisdiction—crossed the 10,000 mark in housing sales registrations for the third month in a row in August. The Mumbai Metropolitan Region witnessed the registration of 10,550 properties, contributing to a revenue influx of Rs 790 crore for the state government, data assessed by Knight Frank India showed.

Stamp duty collections rose 23% year-on-year but witnessed a 5% decline as compared with July, the report issued on Aug. 31 said.

There was a 23% surge in registrations and revenue as compared with the previous year. Of the overall registered properties, residential units constituted 80%, while the remaining 20% included non-residential assets.

“August 2023 marked a significant milestone for the city, achieving its most successful August month in the past decade in terms of both registration numbers and revenue generated,” the report said. In recent years, there has been a consistent rise in the percentage of property registrations in the Rs 1 crore and above segment. It has surged from 48% in 2020 to around 57% in 2023, as per the data.

“… the share of registration of properties valued at Rs 1 crore and above continues to rise, led by a surge in property prices and an increasing preference among home buyers for more spacious accommodation. Overall, the housing market in the city continues to show a positive outlook,” said Shishir Baijal, chairman and managing director at Knight Frank India.

Escalation in property prices coupled with an increase in the interest rate during this time frame has reduced property registrations below the Rs 1 crore threshold, the report said.

The central and western suburbs have experienced an overall surge in launches in response to demand.

During the initial eight months of 2023, the city achieved a registration count of 83,263 units, resulting in a revenue accumulation of Rs 7,242 crore for the state treasury.

source: bqprimedotcom