Mumbai city and its suburbs reported 62,071 property registrations in the first six months of 2023, down 7 percent over last year.
The revenue from property registrations increased by 23 percent to Rs 5,483 crore in 2023 from Rs 4,452 crore a year back, as of 11.30am on June 30, according to the data of state’s Office of Registrations and Stamps (IGR).
On a month-on-month basis, the city reported, 9,729 property registrations in June 2023 with a revenue of Rs 804 crore, as of 11.30am of June 30 that is expected to reach 9,900 units, according to Knight Frank India, a real estate property consultancy firm.
In May 2023, the city had reported 9,823 property registrations and revenue collection of Rs 833 crore.
On a quarterly basis, Mumbai reported a 4 percent decline with 30,235 property registrations in Q2 of 2023, compared to 31,501 during the same period in 2022.
Also read: Mumbai’s May property registrations down 3 percent on year, 9 percent on month: Maharashtra data
Revenue collections, however, increased 11.6 percent from Rs 2,198 crore in 2022 to Rs 2,453 crore in 2023. Of the total registered properties in June 2023, 84 percent were residential units, while the remaining 16 percent were non-residential properties, according to Knight Frank India.
“The residential market in Mumbai remains on a growth trajectory, with sustained demand observed in the latest trends. Despite the headwinds, consumers remain enthused for home ownership. This has pushed up the scale of registrations in the market by close to 85 percent from the pre-Covid periods where the markets hovered around an average of 5,700 units a month to over average of 10,000 units," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
"We have seen increased take-up in the Rs 1 crore and above category, partly due to an affinity for larger homes as well as a general increase in average prices. Looking ahead, we anticipate the demand to remain strong with factors influencing buying decisions being supportive," he said.
In recent years, there has been a consistent rise in share of registrations for properties valued at Rs 1 crore and above. This share of properties worth Rs 1 crore and above have increased from 48 percent in H1 of 2020 to approximately 57 percent in H1 of 2023.
The increase in property prices, coupled with a rise of 250 basis points in interest rates over recent years, has affected property registrations below Rs 1 crore, while registrations for properties priced at Rs 1 crore and above have remained unaffected. The impact of these changes is evident in the strong performance of property registrations for properties priced above one crore, Knight Frank India said in the report.
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