Mumbai property registrations fall year-on-year in February, premium sales bump up revenue

February 28, 2023

The number of properties registered in Mumbai in February fell by over 7 per cent on year, but the revenue collected by the state rose about 80 per cent on year, according to state government data.

Over 9,500 properties were registered in February, generating revenue of Rs 1,104.2 crore for the Maharashtra government. More than 80 per cent of the properties registered were residential.

Property consultant Knight Frank said at over Rs 39 crore per day, it was the highest daily average revenue collection and was the best-performing February in 10 years.

Mumbai is the largest property market in the country in terms of value.

Despite the lower sales compared to a year ago, the higher revenue was due to the bigger contribution of high-end apartments in total sales. While home affordability has affected sales at the lower end of the spectrum due to rising mortgage rates and home prices, demand for premium and luxury homes still holds. The average value of the properties registered in February was around Rs 2 crore, 65 per cent up from a year earlier. Revenue collection got a bump up from the 1 per cent additional metro cess which is being collected.

Also read: Property registration in Mumbai falls 5% in January

The share of flats of size over 2,000 square feet rose to 9 per cent from 3 per cent in January.

For the entire state of Maharashtra, 1,25,406 properties were registered in February corresponding to revenue of Rs 2,733.6 crore. In terms of numbers this was lower both sequentially and annually, but the revenue collected was higher due to the higher prices and more premium homes being sold.

Also read: Discounts, NRIs appetite help surge in luxury housing sales in January-June across top 7 cities

Leave a Comment