Property registrations in Mumbai have crossed 10,000 units in October, for the fifth month in a row, according to data from the State government website.
Revenue collection has crossed ₹800 crore and both metrics are significantly higher than a year ago. Mumbai accounts for roughly half of properties sold across major cities in the country in terms of value and provides a barometer for the demand in the housing segment in the country.
From January to October, property registrations crossed the one lakh mark while revenue collected was well over ₹9000 crore. The revenue growth is attributable to the registration of higher-value properties as well as higher stamp duty.
According to more granular data analysed by property consultant Knight Frank, this is the highest registration for October in 11 years. It also pointed out that over 56 per cent of the registrations were of properties worth ₹1 crore and above.
Commenting on the registration data, Boman R Irani, President, CREDAI said that it validated homebuyers’ positive sentiment. He pointed out that it was an auspicious time to buy a house. “Developers, by offering various discounts and bonuses, have further enhanced the purchasing power of homebuyers in buying bigger and better homes to suit their evolving lifestyle needs,” he said.
The last couple of months have seen two major festivals in the city – Ganapathi Utsav and Dussehra – and all major builders have had launches lined up. Commentaries from property developers have indicated that more launches are ahead in the remaining months of the current fiscal year. They are expecting well over half of their sales to come in the second half of the year.
“Strong domestic economic macros are positively influencing the consumption levels seen across categories, including real estate,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India. “Given the current dynamics, we foresee that 2023 is expected to close with the best annual registration volumes in a decade,” he added.
Most of the purchases are concentrated in the central and western suburbs of the city, which also saw a surge in launches in keeping with the demand. Knight Frank said that these areas were being preferred due to the wide range of amenities that were available, better infrastructure, and connectivity.