Property registrations in Mumbai cross 10,000 in October, highest in 11 years

“The current upswing is also due to the festive season, and a demand spike is usually associated with it. But we expect the positive sentiment to continue as the demand is coming in from domestic as well as NRI buyers,” said Lucy Roychoudhury, head of sales, marketing, and CRM of Runwal Group.

Speaking on October sales, Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, mentioned that given the current dynamics, they foresee that 2023 is expected to close with the best annual registration volumes in a decade. “The registration volumes of residential properties, surpassing the 10,000 mark for October 2023, exhibit the early trend of festive zeal amongst home buyers from Mumbai Metropolitan City. This is the first time that any month of October in a decade has recorded more than the 10,000-registrations mark. Strong domestic economic macros are positively influencing the consumption levels seen across categories, including real estate,” he said.

This year so far

In the ten months of 2023, the city achieved a registration count of 1,04,832 units resulting in a substantial revenue accumulation of Rs 9,221 crore in the state treasury. The numbers stand as the highest within the same timeframe (Jan to Oct) since 2013. The elevated revenue can be attributed to factors like registration of higher-value properties and augmented stamp duty rate, as per experts.

According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, the Mumbai residential real estate market continues to demonstrate impressive resilience, consistently exceeding the threshold of 10,000 property transactions.

“This trend is further reinforced by the increasing prominence of properties valued at Rs 1 crore and above, indicating a shifting preference towards more spacious and upscale accommodations. This shift also reflects the upward trajectory of property prices in the region and signifies the buyers’ capability and willingness to make long-term commitments. Additionally, in the context of steady economic growth in the country, homebuyers are increasingly anticipating a stable interest rate environment. Such stability holds the potential to strengthen the housing market even further, creating an environment filled with promising opportunities and optimism,” Baijal said.