The country’s financial capital Mumbai witnessed around 10,990 property registrations in the month of August 2023, the highest in 10 years, helping generate stamp duty collection worth nearly Rs 810 crore for the state exchequer. In comparison, in August 2022, there were 8,552 units registered, a hike of 28% this year in August 2023.
Of the total registered properties in August 2023, residential units constituted 80 per cent, while the remaining 20 per cent was non-residential assets.
Also Read: Mumbai Real Estate Reaches To New Heights With Record Property Sales
Here is what real estate experts have to say:
“The Mumbai housing market is riding on a wave of strong housing demand. The excellent sale registrations have only once again proven; the realization among home buyers of the need to own a home of their own. This along with strong infrastructure growth has propelled housing demand. The government has initiated positive policy measures, this coupled with improved market sentiments and rise in income levels has further fuelled housing demand for larger homes. We look forward to the government's continued support as we wait in anticipation for the approaching festive season, which will hopefully give a further boost and help sustain home sales, going forward,” said Mr. Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty.
“The registration figures only prove that the Mumbai housing market is robust with home buyers coming forward to buy their desired home. Mumbai is upgrading with a slew of infrastructure projects that are enhancing connectivity whilst bringing newer areas into the housing fold. With improved home buyer sentiments coupled with the approaching festive season, we can expect home sales to reach a new high”, said Vivek Mohanani, MD & CEO, Ekta World.
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