Official data shows that revenue from Mumbai property registrations increased by 11% to Rs 809 crore in October, as the festival season began with Navratri.

Mumbai real estate update: The state treasury has received a large amount of money, amounting to Rs 9,221 crore, from the Mumbai real estate sector in the first ten months of 2023, with 104,832 units registered.

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As of 11.30 am on October 31, data from the Maharashtra Inspector General of Registrations & Stamps (IGR) indicates that 10,244 properties were registered in Mumbai’s real estate market in October. During that time, the state also received Rs 809 crore in revenue from property registrations.

Mumbai reported a 21% year-over-year increase in property registrations as the holiday season approaches, up from 8,422 in the same month the previous year. Based on data from the Maharashtra government. Revenue receipts increased by 11% from Rs 723 crore in October 2022 to Rs 809 crore this October. Specifically, there was a surge in registrations from October 15 to 23, which is known as Navratri. According to the data, Mumbai reported 10,694 property registrations and Rs 1,127 crore in income in September.

According to a real estate consulting firm, by the end of the day on October 31, Mumbai’s real estate market is expect to record 10,523 property registrations, bringing in Rs 831 crore for the state government. In comparison to the same month previous year. This would represent a 25% rise in registrations and a 15% increase in revenue. Eighty percent of all registered properties are residential units; the other properties are non-residential assets.

Booming festive season?

Mumbai has achieved a noteworthy milestone this month with the spike in registration numbers and government income. Making it the most successful October in the last 11 years. It is a sign of the residential real estate market’s continue strength in Mumbai and the buyers’ steadfast faith. According to a survey published on October 31, such resilience is the result of things like growing income levels & a favourable view of homeownership.

Over the nine days of Navratri in 2023, from October 15 to October 23, 4,594 property registrations were recorded in Mumbai, representing a 37.4% YoY increase. This is an increase over the 3,343 units register during Navratri last year.

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Where have homebuyers made their purchases?

Due to high demand, there has been an increase in launches in Mumbai’s Central and Western suburbs. Numerous houses with contemporary facilities are available in these regions. These locations are also well-connects, or soon will be, by planned metro networks. Which adds to the allure of these real estate. Approximately 74% of buyers in western suburbs and 81% of buyers in central suburbs choose to buy within their local market. The familiarity of the location has a role in this decision, the survey continued.

“In the past, the Mumbai residential real estate market has shown remarkably resilient, frequently surpassing the 10,000-transaction threshold. The rising popularity of residences priced at Rs 1 crore & above, which suggests a desire towards larger, more opulent living spaces, serves to further support this trend.

In addition, purchasers are expecting a more stable interest rate environment given the nation’s consistent economic development. This kind of stability might support the home market even more, fostering an atmosphere full of hope and optimistic prospects.

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Performance in 2023

The Mumbai real estate industry had 104,832 units registered in the first ten months of 2023. Generating a sizeable income collection of Rs 9,221 crore for the state government. This accomplishment is the greatest in the same time period since 2013. The Maharashtra government’s finances have been considerably strengthened by this increase in property registrations. The increased stamp duty rate and the registration of properties with larger values are two reasons for the higher revenue rise.

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