In July 2023, Mumbai city (area under BMC jurisdiction) is anticipated to register 10,214 units, which will generate a revenue collection of more than Rs. 832 Crores for the government.
The number of registrations went down by 10% when compared to the year before, although revenue collection maintained stability. 82% of the registered properties were residential units, with the remaining 18% being non-residential assets.
Despite a drop in property registrations in July, the officially reported number of 10,214 units remained significantly higher than the twelve-month average of 9,814 units. This reflects the continuous strength of Mumbai’s residential market and homebuyers’ confidence, despite recent interest rate hikes. Rising income levels and favorable attitudes towards homeownership can be linked to such adaptability.
This year, in the first seven months, the Mumbai city registered a total of 72,706 units, resulting in a significant revenue collection of around Rs. 6,453 crore. The highest since the same period in 2013. The Maharashtra government has benefited greatly from the increase in property registrations. The increase in revenue can be attributed to a number of causes, including the higher value of properties being registered and the increased stamp duty rate.
The share of property registrations for properties worth INR 1 crore or more has been steadily increasing over the last few years. This proportion of registrations for properties valued one crore or more has increased from 48% in 2020 to almost 57% in 2023.
The surge in property prices, combined with a considerable rise in interest rates of 250 basis points over this period, has had a negative impact on property registrations beneath INR 1 crore. However, registrations for properties worth one crore or more have been mostly untouched by these adjustments. As a result, the share of property registrations for properties priced above one crore has increased noticeably, showing continuing demand in this higher-priced area of the market.