In October, Mumbai achieved a remarkable milestone by recording 10,601 conveyance deeds, resulting in a revenue of Rs 835.32 crore, as reported by the Department of Registration and Stamps, Government of Maharashtra. This achievement marks the highest number of registrations for the month of October in the past 11 years. Of these registered properties, 80 percent are residential units, while the remaining 20 percent represent non-residential assets.
Lucy Roychoudhury, Head of Sales, Marketing, and CRM at Runwal Group, attributes this surge in property registrations to the festive season, anticipating an increase in demand. She is optimistic about the continuation of this positive sentiment, with demand coming from both domestic and NRI buyers.
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, emphasizes the strong sales in October, predicting that 2023 is on track to witness the highest annual registration volumes in a decade. He underlines that the registration volumes for residential properties exceeding 10,000 in October 2023 indicate the early signs of festive enthusiasm among homebuyers in the Mumbai Metropolitan City.
This is the first time in a decade that the month of October has witnessed over 10,000 registrations, underscoring the favorable impact of robust domestic economic conditions on consumption across different sectors, including real estate.
In the current year to date:
In the first ten months of 2023, the city has recorded a total of 104,832 property registrations, leading to a substantial revenue collection of Rs 9,221 crore for the state treasury. These figures represent the highest statistics for the same period (January to October) since 2013. The increased revenue can be attributed to factors such as the registration of higher-value properties and an elevated stamp duty rate, as noted by experts.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the remarkable resilience of the Mumbai residential real estate market, consistently surpassing the 10,000-property transaction threshold.
This trend is further underscored by the growing prominence of properties valued at Rs 1 crore and higher, indicating a shift in preference towards more spacious and upscale housing options. This shift also mirrors the upward movement in property prices in the region, signifying buyers' capacity and inclination for long-term investments. Furthermore, in the context of sustained economic growth in the country, homebuyers are increasingly anticipating a stable interest rate environment. The prospect of such stability has the potential to further bolster the housing market, creating an environment brimming with promising opportunities and optimism," Baijal commented.
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