Mumbai city (area under Brihanmumbai Municipal Corporation) saw a total of 9,542 property sale registrations in May 2023, resulting in a dip by 3 per cent Year on Year. The revenue through collection of stamp duty fees stood at Rs 811 crore.
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, 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. 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.
Here is what the real estate experts have to say:
Mr. Ram Naik – Director, The Guardians Real Estate Advisory
“The Mumbai property market is resilient in the face of uncertainty and continues to demonstrate a positive trend. Despite a dip in the total number of registered properties, May 2023 saw a strong daily average registration rate of over 308 units, indicating that the sector is full of potential and opportunity. The revenues generated from stamp duties provide a glimpse of the financial power of the real estate market in the financial capital of India. With its vast array of amenities and strong infrastructure, Mumbai remains one of the most attractive cities for investments and homeowners alike.”
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“Mumbai’s property market is buoyant despite the hike in interest rates and rise in property prices. We are seeing positive home buyer sentiments, a robust demand which has translated into home sales in the primary and secondary housing market as well. Rising interest on home loans may have dented sales in the price-sensitive affordable housing category to a certain extent. We are hopeful that the government will initiate some constructive policy measures that will invigorate the sector and sustain growth.”