Mumbai real estate update: 10,652 property registrations in September 2023, 23% YoY increase

Registration of properties in Mumbai up 23% in September to about 10,600 units: Knight Frank

Mumbai saw 10,652 property registrations in September 2023, a two percent month-on-month (MoM) decline from 10,902 registrations in August 2023, and a 23 percent year-on-year (YoY) increase from the 8,628 registrations in September 2022, according to the Maharashtra Inspector General of Registrations and Stamps (IGR) data.

The government collected Rs 1,127 crore in September 2023, compared to Rs 810 crore the month before, and Rs 734 crore in September 2022, per the IGR data.

Best September in a decade?

According to Knight Frank India, a real estate consultancy that collated the data, Mumbai continues to witness consistent growth in property sales, and this month will be its best September in the past decade, both in terms of property registrations and revenue generated.

Of the total properties registered in September, 82 percent were residential, while commercial and other segments constituted the remaining 18 percent, according to Knight Frank India.

Areas with the maximum demand

The central and western suburbs of Mumbai have experienced a surge in launches in response to strong demand. Around 75 percent of the buyers in the western suburbs, and 82 percent of the buyers in the central suburbs invest within their familiar micro market. Beside the familiarity of the location, their choice is influenced by the availability of products that align with their pricing and feature preferences, said Knight Frank India in its monthly report.

"The Mumbai residential market continues to display remarkable resilience, consistently surpassing 10,000 transactions a month. In fact, for the first nine months of 2023, we have observed a monthly average of 10,420 transactions. The growing share of properties valued at Rs 1 crore and above indicates a shift in preference towards more spacious and upscale accommodations, mirroring the upward trajectory of property prices," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

He added, "Furthermore, amid a backdrop of robust economic growth in the country, there is an expectation among homebuyers of a stable interest rate environment. Such stability has the potential to further strengthen the housing market."

The year so far

In the first nine months of 2023, Mumbai reported 94,383 registrations, resulting in a substantial revenue of Rs 8,389 crore for the state treasury, the highest within this timeframe since 2013, added Knight Frank India in the report.

The elevated revenue growth can be attributed to factors like registration of higher-value properties and augmented stamp duty rate, the report further added.