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April 29, 2023

Revenue from property registrations in Mumbai reached its highest level in ten years in April

Revenue from property registrations in Mumbai reached its highest level in ten years in April

Greater Mumbai reported 9,867 property sales in April, including both residential and non-residential transactions, bringing in Rs 840 crore for the state coffers—the largest amount ever for April in the previous ten years.

According to a Knight Frank India survey published on Friday, 83% of the properties registered in April were homes, while 17% were not.

The boost in income, according to the report, was brought about by higher stamp duty rates and a spike in higher-value real estate transactions. In April of previous year, 11,743 units were sold, bringing in Rs738 crore for the state.

Apartments under Rs 1 crore continued to be a popular choice for purchasers, with 49% of registrations in this price range this month.

54% of the homes sold in the western suburbs in April

The majority of property registrations in Mumbai this month—54% of the market share—were for homes in the western suburbs, while 30% were for homes in the city’s centre. According to a Knight Frank India survey issued on Friday, central Mumbai accounted for 6% of registrations in April while south Mumbai accounted for 10% of all registrations.

The majority of flats, or 44% of all units, were between 500 and 1,000 square feet in size. The market proportion of apartments that are fewer than 500 square feet decreased slightly from 36% in April 2022 to 32% in April 2023. From 17% in April 2022 to 24% in April 2023, more people were taking up space greater than 1,000 square feet.

As a result of the strong demand, there have been several launches in the central and western suburban marketplaces in recent months. These areas provide excellent value because the majority of the local new constructions offer facilities for contemporary life. Additionally, these locations are either already connected to the metro network or will be in the near future, which is helping to raise the profile of these properties, according to the report.

The majority of properties under Rs 5 crore registered are in the central and western suburbs. The majority of transactions above Rs 5 crore, however, were recorded in central and south Mumbai, with one significant transaction surpassing Rs 20 crore taking place there.

The majority of home buyers in April were between the ages of 31 and 45, making up 44% of all residential property registrations; just 12% of buyers are younger than 30 and 30% are between the ages of 46 and 60. The percentage of purchasers who were over 60 in April 2023 was 14%.

Shishir Baijal, chairman and managing director of Knight Frank India, stated that “despite an increase in stamp duty, a continuous increase in interest rates, and a steady rise in market prices, Mumbai’s thirst for house ownership has remained robust. Since April of 2013 ten years ago, Mumbai has recorded the sale of an estimated 8 lakh properties. 40% of this, or over 3.18 lakh units, have been registered since the introduction of the stamp duty increase in September 2020.

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