Mumbai's real estate market has experienced an extraordinary resurgence, breaking records and setting new benchmarks in 2023.
January-December 2023
According to Knight Frank India, the city, encompassing the area under BMC jurisdiction, recorded 127,139 real estate property registrations from January to December, marking the most successful year since 2013 and surpassing last year's peak by an encouraging 4%.
Stamp duty Collected 2023
Knight Frank India's report also reveals a remarkable surge in the total value of stamp duty collected in 2023, reaching a new 10-year high at ₹10,889 crore. This outstanding figure reflects a year-on-year growth of 22%. December 2023 alone contributed significantly to this success, with over 12,487 property registrations contributing a staggering ₹952 crore to the state government's revenues.
The buoyant sentiment in Mumbai's real estate market is evident, with homebuyers displaying confidence and actively participating in property transactions. Of all registered properties, residential units constitute a substantial 80%, underscoring the robust demand for housing. The remaining 20% comprises non-residential assets.
Revenue collection 2023
The total of 127,139 property registrations in 2023 not only marks a significant milestone but also contributes substantially to the state exchequer, recording a revenue collection of ₹10,889 crore. This achievement is the highest registration count within the same timeframe since 2013, the report said.
December 2023
December 2023 witnessed the second-highest number of property registrations in Mumbai within 11 years. The previous peak, fueled by optimism as the effects of the pandemic diminished, was surpassed this year
Central and Western suburbs emerged as the epicenter of this real estate surge, collectively constituting over 75% of the total registrations. 86% of Western suburb consumers and 84% of Central suburb consumers opt to purchase within their micro market.
"86% of Western suburb consumers and 84% of Central suburb consumers opt to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences," the Knight Frank report mentioned.
Over the past few years, there has been a steady increase in the percentage of property registrations valued at ₹1 crore or higher. This percentage has climbed from 52% in 2020 to around 57% in 2023.
Also Read: Property market heats up with rising demand and sales; 2024 to see continued rush for real estate
The surge in property prices, coupled with a 250-basis point increase in the policy repo rate over the last two years, has negatively affected the segment priced below the ₹1 crore threshold, the report added.
First Published: Dec 30, 2023 1:03 PM IST
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