Registration of properties in Mumbai city rose 9 per cent year-on-year during 2022 calendar year to nearly 1.22 lakh units -- highest in the last one decade -- on better demand, according to Knight Frank India.
As per the data compiled by real estate consultant Knight Frank India, the registration of properties in Mumbai city (BMC area) stood at 1,21,850 units during this calendar year till 2.20 pm on Friday. During the last year, as many as 1,11,913 units were registered.
Out of the total registration of properties in 2022, 86 per cent were residential.
The data pertains to transactions in both primary (fresh sales) and secondary (re-sale) markets of all types of properties -- residential, commercial and others.
Registration of properties stood at 64,242 units in 2013; 63,636 units in 2014; 67,400 units in 2015; 63,255 units in 2016; 68,659 units in 2017; 80,746 units in 2018; 67,863 units in 2019; and 65,633 units in 2020.
The consultant said Mumbai city (BMC area) saw property sale registration of 9,182 units in December 2022, contributing over Rs 821 crore to the state revenues.
In 2022, the state exchequer collected Rs 8,887 crore in revenue from stamp duty and registration fees.
"Post-COVID, the need for house ownership has driven property sales in Mumbai city. This is evident from 2022 that emerged as a second consecutive year recording property registrations over 1 lakh units after 2021. Thus, making 2022 the year with highest annual property sale registrations in the last decade," Knight Frank said.
In 2022, the registration of properties rose without any government incentives on the back of strong demand, steady income, and positive economic growth.
Knight Frank India Chairman and Managing Director Shishir Baijal said, "Mumbai's residential market is in a growth mode due to two factors. Firstly, the changed attitude towards home purchases since the pandemic, which has continued and secondly, economic growth leading to incremental income and financial stability." "Thus, despite higher home loan rates, no sops from the state government or rise in capital values over the last year, demand has remained strong. Mumbai is also a lot more affordable today (despite the deterioration in affordability index by 100 basis points) than it was a decade ago, which has adequately negated the possible impact of the rise in prices and home loans," Baijal said.
In primary market of Mumbai Metropolitan Region, major real estate developers include Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, Mahindra Lifespace Developers, Piramal Realty, Indiabulls Real Estate, D B Realty, Sunteck Realty, Rustomjee group, K Raheja group, and Runwal Group.
Puravankara Ltd and Prestige Estates, both based out of Bengaluru, have entered the Mumbai market.
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