Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.
In Mumbai, property sale registrations have achieved notable growth, with a 25% year-on-year increase, surpassing 10,000 units for the fifth consecutive month in 2023. October saw around 10,523 units registered, resulting in revenues of Rs 831 crore. This trend has led to a total of over 1.04 lakh registrations during the first ten months of 2023. It's a significant improvement from 2022, where annual property registrations had reached the 1.21 lakh mark, the highest since 2013. But compared to September, there was a 2% decline in registrations and a 26% decrease in revenues, indicating a month-on-month dip.
The data also suggests a growing interest in luxury housing, with properties valued at Rs.1 crore and above accounting for an increasing proportion of registrations. This proportion has risen from 50% in 2020 to 56% in the first ten months of 2023. The Mumbai residential real estate market continues to exhibit resilience and steady growth, with monthly transactions in property sales exceeding 10,000 consistently.
This trend is attributed to a shift in preference towards more spacious and upscale accommodations. The rising property prices in the region demonstrate the capability and willingness of buyers to commit to long-term investments. Additionally, the stable economic growth in the country has led to an expectation of a stable interest rate environment, making home buyers more confident.
Several factors contribute to this upward trend in luxury properties, including increased purchasing power, heightened demand for luxury residences in emerging micro-markets, infrastructural developments, and ongoing housing society redevelopment projects. As the festive season continues, experts anticipate a robust expansion in Mumbai's real estate sector, especially in the luxury housing segment. This positive sentiment is expected to continue, driven by domestic and NRI buyers' increasing demand.
In the last ten months of 2023, Mumbai witnessed 104,832 property registrations, accumulating substantial revenue of Rs 9,221 crore for the state treasury. This achievement is the highest within the same timeframe since 2013, significantly bolstering the Government of Maharashtra's finances. The increase in revenue is attributed to the registration of higher-value properties and an augmented stamp duty rate.
Real estate developers have played a role in enhancing the purchasing power of homebuyers by offering discounts and bonuses, making it more attractive for them to invest in larger and better homes. The relatively stable lending environment and the positive economic growth of the region have contributed to this momentum. This upward trajectory is not only a result of auspicious times for home buying but also the increased preference for ownership over renting, with a growing appetite for spacious homes.
In conclusion, Mumbai's real estate sector has exhibited impressive resilience, with a consistent increase in property registrations and a growing interest in luxury properties, driven by factors like purchasing power, infrastructure developments, and economic stability. These trends are expected to continue and contribute to the city's robust real estate market.
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