Registration of properties in the Mumbai municipal region has fallen sharply in March 2023, with a total of 12,574 units registered as on March 31 afternoon, contributing over INR 1,160 crores to the State revenues, according to Maharashtra government data. Although this represents a significant increase as compared to the previous month's figure of 9,684.
This development came despite Mumbai's property market is off to a strong start in 2023, with a record-breaking revenue collection in January.
As per property consultant Knight Frank, who analysed the data, this was the highest revenue collected since April 2022.
The robust registration figures come at a time when rising home loan interest rates are stretching household budgets, while a rise in property prices is also reducing home affordability.
It is pertinent to note that earlier, the reports were doing rounds that the property registration rates were expected to hike from April, which would impact the sales.
However, in a major sigh of relief, Maharashtra government recently decided not to raise the ready reckoner rates (RR) for 2023-24. For those unversed, Ready Reckoner Rates in Mumbai are the minimum rates at which properties are valued by the state government, and they are used to calculate the stamp duty and registration charges for property transactions.
Meanwhile, Mumbai has seen the highest residential property sales in the calendar year 2022 as compared to the last five years.
On the other hand, Mumbai has been ranked as the 18th most expensive city globally for prime residential real estate, with USD 1 million buying 113 sqm or 1,200 sq ft.