Mumbai's property market is off to a strong start in 2023, with a record-breaking revenue collection in January. According to the latest reports, 8,694 property units were registered in the city last month, with 84% of them being residential and the remaining 16% being non-residential.
The property market in Mumbai has been driven by a positive consumer sentiment, which has seen the revenue collection in January 2023 reach an impressive INR 658 crores, marking a 38% YoY increase.
This has been the highest revenue collection in January in the last 10 years, with a daily average revenue collection of over INR 20 crores.
Despite rising mortgage rates, the demand for homes in Mumbai remains high, driven by the consumer inclination towards home purchase. In fact, the daily average property registration in January 2023 was 280, making it the second-best January in the last decade. The only January with higher registrations was January 2021. Though a month-on-month (MoM) decline of 7% was seen in January 2023.
According to the chairman and MD of Knight Frank India, despite rising home loan interest rates and property prices, demand for homes in Mumbai would continue to be strong. The highest demand is for apartments between 500 and 1,000 square feet in size, and Maharashtra government continues to profit from this high demand. With 48% of all property registrations, these apartments continue to rule the market.
Apartments under 500 square feet, on the other hand, saw a decline in share, going from 37% in December 2022 to 35% in January 2023. However, the share of larger flats increased, going from 15% in December 2022 to 17% in January 2023. These most recent numbers demonstrate the Mumbai real estate market's sustained strength and indicate that 2023 is likely to be a fruitful year for the industry.
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