Greater Mumbai (the area under BMC jurisdiction) in March 2024 recorded registration of 14,411 properties, contributing to a revenue of INR 1,143 crore for the state government.
Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis.
On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.
Prashant Sharma, President, NAREDCO Maharashtra said: "The Mumbai real estate market continues to show an upward trajectory with property registrations showing a significant increase, that exemplifies home buyer confidence in the property market. The robust property registration numbers have also helped in substantial revenue collections for the state government. The realty sector has been resilient driven by positive market sentiments. The desire of home ownership, increase in income levels coupled with high aspiration levels of a better lifestyle have all contributed to this sustained real estate growth.”
It is pertinent to note that Mumbai homebuyers preferred larger apartments in recent months, as evidenced by the upward trend in their share.
According to data collated by Knight Frank, homes spanning between 500 to 1000 sq ft emerged as the favoured option among homebuyers in March 2024.
Central and western suburbs together constituted over 73% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity.
Of the total properties registered, 86% of western suburb consumers and 92% of central suburb consumers opt to purchase within their micro market.
In Mumbai, the current stamp duty rates for male homebuyers are 6% and 5% for female homebuyers.
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