Mumbai property registrations reach 11,861 in October 2024, marking a 22% rise, with revenue soaring to INR 1,081 crore amidst festive season demand.
Record Property Registrations and Revenue Spike in October 2024
Mumbai’s real estate market experienced a significant surge this Diwali season, with 11,861 properties registered as of October 29, 2024. According to data from the Inspector General of Registration (IGR), Maharashtra, property registration revenue for October reached approximately INR 1,081 crore, marking a 52% increase from the INR 712 crore collected during the Diwali period in November 2023. This 22% rise in registrations underscores the impact of the festive season, which often sees a boost in real estate transactions.
High-Value Properties Drive Up Average Prices
An analysis of Diwali-season trends over the past six years shows that the average home price in Mumbai reached an all-time high this October, standing at INR 1.66 crore. This increase indicates a shift in demand towards high-value properties. Anuj Puri, Chairman of ANAROCK Group, highlighted that despite a lull in property sales across the Mumbai Metropolitan Region (MMR) in the third quarter of 2024, October’s figures show a strong start to the festive quarter. In Q3 2024, 24,930 properties were sold in Mumbai, nearly 10% less than in Q3 2023. Puri noted that with both Dussehra and Diwali falling in the same month this year, buyers have been more inclined to purchase property, viewing these festivals as particularly auspicious times for real estate investments.
Key Steps and Charges for Property Registration in Mumbai
For a buyer to be legally recognized as the owner, property registration is essential and includes payment of stamp duty and registration fees. In Mumbai, where real estate is among the most valuable in India, stamp duty rates are governed by the Maharashtra Stamp Duty Act. This duty is determined based on the property’s location, reflecting its assessed value.
Understanding Stamp Duty and Registration Fees in Maharashtra
Stamp duty and registration fees are separate charges but often confused. In Mumbai, stamp duty is set at 6%, slightly higher than the 5% in the rest of Maharashtra, with the additional 1% earmarked for state infrastructure projects. Registration charges are fixed at 1%. Online payment options for these fees are available through the Government Receipt Accounting System (GRAS), making the process more convenient. Occasionally, the state government provides waivers or reductions in these fees to encourage property investment.
How to Register a Property in Mumbai
The registration process for a property in Mumbai involves several steps:
- Visit the local sub-registrar’s office to obtain the property registration form.
- Complete the form with necessary details, such as the Cadastral Survey Number (CS No.) of the property, construction year, and specific flat floor.
- Submit the form for verification and await approval.
- Once approved, make the required payment to receive a registration number and acknowledgment receipt.
These steps ensure the property is legally documented, safeguarding the buyer’s ownership rights.
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