Mumbai surpassed all the records since 2013 with highest real estate property registrations

Knight Frank India reports that from January to December, the city—which includes the region under BMC jurisdiction—recorded 127,139 real estate property registrations, making it the most prosperous year since 2013 and exceeding the top of the previous year by a promising 4%.

The research by Knight Frank India also shows a noteworthy increase in the overall amount of stamp duty collected in 2023, which hit a 10-year high of Rs. 10,889 crore. This impressive number shows a 22% increase from the previous year. Over 12,487 property registrations in December 2023 alone contributed an enormous Rs. 952 crore to the state government's revenue, which was a major factor in this success.

Registrations of property worth Rs. 1 crore or more has increased over the years

The share of property registrations valued at Rs. 1 crore or more has steadily increased over the last few years. From 52% in 2020 to roughly 57% in 2023, this percentage has increased.

Segment priced below Rs. 1 crore has been adversely impacted by the spike in property prices. 250 basis point increase in the policy repo rate during the last two years.

Mumbai's real estate market is experiencing a positive wave as purchasers are showing signs of assurance and are actively engaging in real estate deals. Residential properties make up a significant 80% of all registered properties, highlighting the strong need for housing. The assets that make up the remaining 20% are not residential.

The proximity of key services to the home is significant

86% of consumers in western suburbs and 84% of consumers in central suburbs choose to shop at their local micro market. According to the Knight Frank report, the location's familiarity as well as the availability of goods that suit their preferred features and price points play a role in this decision.

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With 127,139 property registrations in 2023, the state exchequer gains a huge amount of money (Rs. 10,889 crore) in addition to marking a noteworthy milestone. According to the study, this is the highest number of registrations within the same period since 2013.

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