Property sales registration reached a new high in 2023 in Mumbai surpassing last year’s peak by 4%. As per the data collected by Knight Frank India, the city recorded its best score in last eleven years in terms of property registration since 2013. It recorded a total of 127,139 property registration in 2023 beating the previous high of 1,22,035 units in the previous year. A report by SURFACES REPORTER.
The state government collected a revenue of Rs 10,889 crore as stamp duty in 2023, up 22% from the previous year. In December, 12,487 units were registered in Mumbai city (an area under BMC jurisdiction), up 33% from 9,367 units in the year-ago period.
Commenting on the status of the real estate segment in Mumbai, Mr. Himanshu Jain, VP - Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL) says, “The real estate market in Mumbai has reached a new zenith, particularly in home sales. This significant growth is due to a combination of compelling factors, including enticing pricing strategies, exclusive discounts, and special home loan offers that are especially tailored for the customers. Further invigorating the market is the substantial upgrade in infrastructure projects across Mumbai and the Mumbai Metropolitan Region (MMR)."
Mumbai among the Top seven cities in the Housing sale
According to a report by ANAROCK, Mumbai and Pune is also leading the way in the residential sales followed Delhi-NCR, Bengaluru, Hyderabad and Kolkata. This has come even when residential prices rose collectively by 15%.
According to the report, Mumbai Metropolitan Region (MMR) saw the highest sales of about 1,53,870 units in 2023 (against 1,09,730 units in 2022), followed by Pune with 86,680 units (against 57,145 units in 2022). There is a collective rise of 31% year-on-year in the top seven cities with about 4,76,530 units sold in 2023 against 3,64,870 units in 2022.
In addition, the luxury segment of the Mumbai real estate market has seen an uptick in the calendar year 2023. The sale of houses in the Rs 3-7 crore has grown relative to last year, and now comprises around 30 to 35 percent of residential property registrations.
According to Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, "The Mumbai housing market has experienced an unprecedented surge in home sales throughout the past year. This surge has been attributed to the positive market sentiments that have prevailed consistently over the year. This, along with the increased aspirations and rising income levels among potential homebuyers too has significantly fuelled the housing demand in the city. As we step into the New Year, the outlook remains optimistic where the housing demand in Mumbai will continue its upward trajectory."
Adding to the same, Mr. Rohan Khatau, Director, CCI Projects, says, “The real estate sector has witnessed a phenomenal surge in home buying, particularly in the western suburbs of Mumbai. This boom can be credited towards a growing recognition of the importance of home ownership among consumers. The improved connectivity and enhanced convenience have played a pivotal role in directing this wave of , demand towards the western suburbs. The area, known for its burgeoning infrastructure and strategic location, has emerged as a hotbed for real estate activity, reflecting a broader trend in the market."