Mumbai property registrations up 6.8% in March

March 31, 2024

Properties registered in Mumbai rose over 6.8 per cent on year to a little over 14,000 units in March on sustained demand for homes, according to data by the Government of Maharashtra.

The properties registered were up 16.6 per cent on month. Of the total properties registered 80 per cent were residential units.

However, the revenue collected, at ₹1,114 crore, saw a dip on year on a higher base from last year when stamp duty collected was higher due to the Central government limiting tax deduction on capital gains from the sale of residential properties after March. The revenue was higher compared to February. Currently, the stamp duty rates are 6 per cent for male buyers and 5 per cent for women buyers.

The registrations also include those that are redeveloped and according to property consultant Knight Frank, redevelopment transactions would be around 6 per cent of the total.

Data analytics from Knight Frank showed that medium sized houses in the range of 500 to 1,000 square feet were most in demand at 43 per cent of the total, while the share of larger houses of 1,000-2,000 square feet saw an uptick at 12 per cent compared to 8 per cent in January. There has been a rising propensity for larger homes over the months.

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