Mumbai achieves best: Mumbai achieves best in 11 years in property sale registrations in 2023: Report
New Delhi: Mumbai records best overall performance in 11 years property sale registration In 2023, This resulted in the best year for property sales in the region since 2013, up 4 per cent from last year’s high, according to data compiled by . Real Estate Consultant Knight Frank India showed.
In 2023, a total of 127,139 real estate properties were registered in the Mumbai city area which falls under the jurisdiction of Brihanmumbai Municipal Corporation (BMC).
According to Knight Frank India, the total value of stamp duty collected in 2023 was Rs 10,889 crore, recording a new 10-year high and an increase of 22 per cent year-on-year. More than 12,487 property registrations were recorded in December, contributing Rs 952 crore to the state government’s revenue.
The real estate consultant said that while registrations saw an annual growth of 33 per cent, revenue from stamp duty increased by 14 per cent compared to the previous year.
Of the total registered properties, 80 percent were residential units, with the remaining 20 percent being non-residential properties.
Of the total properties registered, the central and western suburbs account for more than 75 per cent of the total as these locations are a hub for new launches offering a wide range of modern amenities and good connectivity.
According to the real estate consultant, 86 per cent of consumers in western suburbs and 84 per cent of consumers in central suburbs choose to buy within their micro market.
Chairman and Managing Director Shishir Baijal said, “The year 2023 witnessed significant growth in the city’s real estate market as the city achieved the highest property registrations in 11 years, driven by rising income levels, improved affordability and positive homeowner outlook. Was.” , Knight Frank India.
“Notably, the 57 per cent increase in the share of high-value property registrations attests to the strength of the market. Due to stable interest rates and growing preference for bigger and better homes, home buyer confidence is driving Mumbai’s real estate momentum. Is promoting.”
In another revealing trend, the real estate consultant said that over the last few years, there has been a steady increase in the percentage of property registrations worth Rs 1 crore or more. Such registrations have increased from 52 percent in 2020 to about 57 percent in 2023.
However, it noted that the rise in property prices, coupled with the 250 basis point increase in the policy repo rate over the last two years, has had a negative impact on the price segment below the Rs 1 crore limit. However, properties worth Rs 1 crore and above have been relatively less impacted by these headwinds.
In 2023, a total of 127,139 real estate properties were registered in the Mumbai city area which falls under the jurisdiction of Brihanmumbai Municipal Corporation (BMC).
According to Knight Frank India, the total value of stamp duty collected in 2023 was Rs 10,889 crore, recording a new 10-year high and an increase of 22 per cent year-on-year. More than 12,487 property registrations were recorded in December, contributing Rs 952 crore to the state government’s revenue.
The real estate consultant said that while registrations saw an annual growth of 33 per cent, revenue from stamp duty increased by 14 per cent compared to the previous year.
Of the total registered properties, 80 percent were residential units, with the remaining 20 percent being non-residential properties.
Of the total properties registered, the central and western suburbs account for more than 75 per cent of the total as these locations are a hub for new launches offering a wide range of modern amenities and good connectivity.
According to the real estate consultant, 86 per cent of consumers in western suburbs and 84 per cent of consumers in central suburbs choose to buy within their micro market.
Chairman and Managing Director Shishir Baijal said, “The year 2023 witnessed significant growth in the city’s real estate market as the city achieved the highest property registrations in 11 years, driven by rising income levels, improved affordability and positive homeowner outlook. Was.” , Knight Frank India.
“Notably, the 57 per cent increase in the share of high-value property registrations attests to the strength of the market. Due to stable interest rates and growing preference for bigger and better homes, home buyer confidence is driving Mumbai’s real estate momentum. Is promoting.”
In another revealing trend, the real estate consultant said that over the last few years, there has been a steady increase in the percentage of property registrations worth Rs 1 crore or more. Such registrations have increased from 52 percent in 2020 to about 57 percent in 2023.
However, it noted that the rise in property prices, coupled with the 250 basis point increase in the policy repo rate over the last two years, has had a negative impact on the price segment below the Rs 1 crore limit. However, properties worth Rs 1 crore and above have been relatively less impacted by these headwinds.
