Mumbai has continued its record-setting spree as demand continued to be robust and its conversion in actual sales remained unaffected despite higher mortgage rates and property prices.
According to Maharashtra government data, property registrations in Mumbai rose over 1.5 per cent on year and over 2.5 per cent on month with over 10,000 units getting registered.
The state’s Office of Registrations and Stamps (IGR) revealed a detailed data, which stated that Mumbai city witnessed registration of 10,319 units in the month of June 2023.
Read More: Mumbai Suburbs, MMR Record Highest Annual Jump At 9% In Property Rates
The registration has helped the state exchequer collect over INR 850 crore in June 2023 through stamp duty charges, pushing the half yearly collection to over INR 5,600 crore.
This is the highest-ever revenue collected by the state government through property-related stamp duty in the first half of any year.
Ram Naik, Director, The Guardians Real Estate Advisory exclaimed: "The property market in Mumbai has shown significant growth and generated substantial revenue for the state government in the first half of 2023. The numbers indicate a positive trend in property registrations and stamp duty collections. The increase in registrations demonstrates the ongoing demand for properties in the city.”
The city had kickstarted this year with a strong revenue collection. These numbers reflect the positive economic growth and investment in the region and also highlight the sustained growth and consistent revenue generation in the real estate sector, experts added.
In June 2022, the registration had touched 9,919 deals with stamp duty collection of INR 729 crore.
Meanwhile, in May 2023, the city had reported 9,823 property registrations with revenue collection of INR 811 crore.
Besides, Mumbai saw property sales registration of 10,514 units in April 2023, adding over INR 900 crore to the state exchequer, registering its highest ever revenue collection for the month of April in the last 10 years.
Over INR 832 crore came in as revenue from the registrations, over INR 100 crore higher from year ago, partly from higher registrations and partly due to the higher property prices.
Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty said: "The Mumbai housing sector has been buoyant for quite some time now with home buyers coming forward to purchase their desired homes. This is amply reflected in the increase in home registrations for the month of June 2023. We can attribute this to several factors such as rise in income levels, positive policy measures taken by the government like keeping ready reckoner (RR) rates stable which have improved market sentiments and further fueled demand for housing. We can expect the government to continue with industry friendly policies that will sustain housing sales, going forward."
However, property registrations in entire Maharashtra showed a fall on month and year, an indicator that outside the major urban centres affordability is still an issue. The property market in Mumbai is the largest in the country in terms of value.
Also Read: Mumbai's property prices dipped in first quarter of 2023
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