3 min readMumbaiMay 31, 2023 07:27 PM IST
First published on: May 31, 2023 at 07:27 PM IST
Mumbai city (area under Brihanmumbai Municipal Corporation) saw a total of 9,542 property sale registrations in May 2023, resulting in a revenue of Rs 811 crore through collection of stamp duty fees collection.
Notably, last month, a total of 10,514 properties were registered whereas in May 2022, a total of 9,839 properties were registered. Therefore, as per the property registration data analysis available with the state’s Office of Registrations and Stamps, the numbers are reducing.
However, as per Knight Frank India, a private real estate consultancy firm, the daily average property registration in May 2023 was 308 units, making it the second-best month of May in the last ten years after May 2022. Total registrations, however, dipped in May 2023 by 3 per cent Year on Year with a total of 9,542 property registrations in the month.
While the overall registrations dipped in May 2023, the strength in the daily sale rate of over 308 units and the rising revenues clearly indicates the robustness of Mumbai’s property market.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The Mumbai residential market maintains its growth momentum with more than 300 properties being registered daily indicating that the demand, especially for residential properties, continues despite the change in stamp duty, rise in interest rates and other impediments.”
Baijal added, “Further, if we analyse this demand, buyers are willing to pay a significantly higher price towards homes in the last one year due to these changes as compared to September 2020, when stamp duty rebates were introduced, which can be dubbed as a turning point for residential markets in Mumbai. Since then, we have seen the demand remain steady with spikes due to interventions like withdrawal of stamp duty rebate in March 2021 or introduction of 1 per cent cess on stamp duty. We expect demand to remain robust, factors influencing buying decisions, especially home loan rates, are expected to remain steady as consumer inflation is fast coming down.”
Furthermore, as per the Knight Frank India report, the majority of the properties registered in the month of May 2023 were located in Western suburbs constituting 58 per cent of the market share, while 26 per cent of registrations were for properties in Central Suburbs, 6 per cent of registrations were for Central Mumbai and South Mumbai’s share of total property registrations stood at 10 per cent.
Moreover, the Central and Western Suburbs have the highest percentage of property registrations under Rs 5 crore. However, most transactions exceeding Rs 5 crore were registered in Central and South Mumbai with three big transactions of over Rs 20 crore recorded in Central Mumbai and South Mumbai in May 2023.
While the overall registrations dipped in May 2023, the strength in the daily sale rate of over 308 units and the rising revenues clearly indicates the robustness of Mumbai’s property market. (Representational/ File) 
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