25% surge in Mumbai property registrations in October 2023

According to Knight Frank India, the registration of properties in the Mumbai municipal region rose 25 per cent annually to 10,607 units in the month of October 2023 contributing a revenue of over INR 835 crores to the state exchequer.

The registration of properties and stamp duty collection in October 2023 has been the highest in the past 11 years. Total 8,422 properties were registered in October last year in Mumbai city.  

Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty,

“The Mumbai housing market has once again seen exceptional home sales given the ongoing festive season and positivity being witnessed in the housing sector. The government has initiated positive policy measures, this coupled with improved market sentiments, rise in aspirations and income levels has further fuelled housing demand among home buyers propelling home sales. We expect housing demand to remain strong given the rapid infrastructure growth which has improved market sentiments and fuelled housing demand.”

This boom is owing to several factors such as rising incomes and a positive attitude towards homeownership, experts stated.

Of the overall registered properties in October 2023, residential units constituted 80 percent of the share, the remaining 20 percent constituted non-residential assets.

Vivek Mohanani - MD & CEO, Ekta World, “The registration figures only prove that the Mumbai housing market is robust as prospective home buyers are actively seeking to purchase their dream homes. Mumbai is experiencing an upgrade through several infrastructure projects that are not only improving connectivity but also expanding housing opportunities to emerging areas. With the positive sentiment among home buyers on the rise, and with Diwali on the horizon, it is anticipated that home sales will achieve unprecedented levels."

September had recorded 10,694 registrations, and clocked a revenue of ₹1,127 crores.

In 2022, the annual property registrations had touched 1.21 lakh mark for the first time since 2013.