Mumbai nets Rs 811 crore in May 2023 property registrations, up 12 percent from last year

Shishir's observation is reflective of the fact that of the 9,542 units registered, 84 percent were residential units or homes. The total registration tally has resulted in in average daily property registration of 308 units — the second-best for May in the last decade.

"If we analyse this demand, buyers are willing to pay a significantly higher price towards homes in the last year despite these changes (rising stamp duty and interest rates), which can be seen as a turning point for residential markets in Mumbai," Shishir added.

Some point out that the RBI's decision to pause its repo-rate hike may have stimulated the demand for real estate. Developers say that they're seeing continued buyer interest, which will continue in the medium term.

"The Mumbai market is witnessing an increase in inquiries and we expect the momentum in real estate demand to increase," said Dhaval Ajmera, Director at Ajmera Realty.

According to property registration data, apartments measuring 500 square feet to 1,000 square feet enjoyed maximum buyer interest, accounting for 41 percent of all apartments registered this month.

Apartments below 500 square feet saw only 35 percent of the total units that were registered in May. Incidentally, residential units above 1,000 square feet saw their share increase from 18 percent in May last year, to 24 percent this month.

In terms of price, nearly half (48 percent) of the apartments registered in Mumbai this month were those priced upto Rs 1 crore. This share swelled to 85 percent for homes priced upto Rs 2.5 crore. The Western suburbs accounted for 58 percent of all homes registered in May, while Central suburbs accounted for 26 percent share of the registration tally.