Year Ender 2023: Mumbai real estate market clocks 1.27 lakh property registrations, 4% higher than 2022

Mumbai real estate update: Of the overall registered properties in Mumbai during 2023, residential units constitute 80 percent, the remaining 20 percent constitute non-residential assets, according to the data.

Mumbai's real estate market reported 1,27,139 property registrations in calendar year 2023, marking a four percent jump as compared to 1,22,035 properties registered in 2022, as per the data shared by the Maharashtra government.

The revenue from property registrations, in the form of stamp duty, stood at Rs 10,889 crore. This is 22 percent more than Rs 8,901 crore clocked in 2022.

Of the overall registered properties in the Mumbai real estate market, residential units constitute 80 percent, whereas, non-residential assets constitute the remaining 20 percent, according to Knight Frank India, a real estate consultancy firm.

"This landmark achievement marks the highest registration count within the same timeframe since 2013.  The considerable growth in revenue can be credited to various factors, including the registration of properties with higher values and the increased stamp duty rate," Knight Frank India, that collated the data, said in its report.

“The year 2023 witnessed a remarkable upswing for Mumbai's real estate market as the city achieved its highest property registrations in 11 years, driven by rising income levels, better affordability, and a positive homeownership outlook," said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

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"Notably, a 57 percent increase in share of high-value property registrations attests to the robustness of the market. Supported by stable interest rate and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai's real estate momentum," he added.

11-year high

According to Knight Frank India, the month of December 2023 clocked the second highest number of property registrations in Mumbai in the last 11 years. The total number of registrations during the month came in at 12,487, higher by 14 percent as compared to November.

Also read: Year Ender 2023: Luxury property sales rise in Mumbai, Rs 3-7 crore sweet spot for homebuyers

The recent upswing in Mumbai's real estate market can be attributed to rising income levels and a favourable perception towards homeownership, Knight Frank India said in its report.

In case of revenue collections, it reached "an all-time pinnacle", primarily propelled by higher stamp duty rates, burgeoning property prices, and an increased share of premium properties. It was in December 2020, when city had reported 19,581 properties being registered, the report added.

Also read: Year Ender 2023: Top 10 luxury home deals reported in India in 2023

Where are homebuyers purchasing?

Of the total properties registered in the Mumbai, central and western suburbs together constituted over 75 percent as these locations are a hotbed for new launches, offering a wide range of modern amenities and good connectivity, the report said.

Also, 86 percent of Western suburb consumers and 84 percent of Central suburb consumers opt to purchase within their micro market, it further noted, adding that the choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.