According to a data revealed by the Maharashtra government’s Department of Registration and Stamps, 9,712 properties were registered in Mumbai this November. This contributed to INR 711 crore to the state’s revenue.
The registration of properties in Mumbai city rose 8% annually.
The property registrations and revenue generated this November from stamp duty fees has surpassed last year’s figure.
Last year in November, 8965 units were registered. However the registration numbers were less than October 2023 where 10,607 units were registered.
Of the overall registered properties in November 2023, residential units constituted 80 per cent, and the remaining 20 per cent constituted non residential assets.
In November 2022, Mumbai saw 8,965 properties registered and revenue of INR 684 crore.
It is pertinent to note that Mumbai celebrated its most successful November for property registrations in the last 11 years, showcasing the enduring strength of the residential real estate sector, showed a Knight Frank India report.
Experts attribute this success to rising income levels and a positive sentiment towards homeownership.
Moreover, an uptick in the luxury housing has also been witnessed in the city in 2023. However, as the number of billionaires in India is projected to grow significantly, over 100% growth by 2027, the demand for ultra-luxury properties is anticipated to sustain its upward trajectory, experts stated.
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