October Registrations In Mumbai Reach Their Highest Level In 11 Years: Report
In October 2023, Mumbai registered 10,523 properties, generating revenue of Rs 831 crore. Mumbai City (the area under BMC control) is predicted to register 10,523 properties by October 2023, generating Rs 831 crore in revenue for the state government. With a 25% increase in registrations and a 15% increase in revenue over the previous year, this is the strongest October for property registrations in 11 years. Residential units made up 80% of all registered properties, with non-residential assets making up the remaining 20%.
Are you searching flat for sale in Kamothe?
Registrations for property sales in Mumbai and government revenue collecting
| Period | Registrations | YoY Change | MoM Change | Revenue (in cr) | YoY Change | MoM Change |
| Oct-22 | 8,422 | -2% | -2% | 723.6 | 32% | -1% |
| Nov-22 | 8,965 | 18% | 6% | 684 | 24% | -6% |
| Dec-22 | 9,367 | -3% | 4% | 835 | 10% | 22% |
| Jan-23 | 9,001 | 10% | -4% | 692 | 45% | -17% |
| Feb-23 | 9,684 | -7% | 8% | 1,112 | 81% | 61% |
| Mar-23 | 13,151 | -21% | 36% | 1,226 | 6% | 10% |
| Apr-23 | 10,514 | -10% | -20% | 900 | 22% | -27% |
| May-23 | 9,823 | 0% | -7% | 833 | 15% | -7% |
| Jun-23 | 10,319 | 4% | 5% | 859 | 17% | 3% |
| Jul-23 | 10,221 | -10% | -1% | 831 | 0.3% | -3% |
| Aug-23 | 10,902 | 27% | 7% | 810 | 26% | -2% |
| Sep-23 | 10,694 | 24% | -2% | 1,127 | 54% | 39% |
| Oct-23 | 10,523 | 25% | -2% | 831 | 15% | -26% |
Mumbai’s real estate market is still expanding steadily, and October 2023 will be a historic month for the city as it becomes the most successful October month in the previous 11 years in terms of both government revenue and registration numbers. This will demonstrate the resilient nature of Mumbai’s residential real estate market as well as the steadfast faith of buyers. According to the report, increasing income levels and a favourable view of homeownership are two reasons contributing to this resilience.
October property registrations in Mumbai over the last 11 years
| Month | Sales registrations | YoY change | Revenue (in cr) | YoY change |
| Oct-13 | 4,902 | 87% | 366 | 150% |
| Oct-14 | 4,483 | -9% | 253 | -31% |
| Oct-15 | 5,225 | 17% | 298 | 18% |
| Oct-16 | 6,068 | 16% | 405 | 36% |
| Oct-17 | 5,668 | -7% | 486 | 20% |
| Oct-18 | 6,377 | 13% | 430 | -12% |
| Oct-19 | 5,811 | -9% | 443 | 3% |
| Oct-20 | 7,929 | 36% | 233 | -47% |
| Oct-21 | 8,576 | 8% | 550 | 136% |
| Oct-22 | 8,422 | -2% | 724 | 32% |
| Oct-23 | 10,523 | 25% | 831 | 15% |
The research claims that a spike in launches has occurred in the central & western suburbs in response to high demand. Numerous houses with contemporary facilities are available in these regions. Furthermore, these locations are either now connected or will soon be connected by future metro networks, which adds to the allure of these assets. Approximately 81% of buyers in central suburbs and 74% of buyers in western suburbs choose to buy within their local market. Their familiarity with the place and the availability of products that suit their preferences for features and price all play a role in this decision.
Preferred location for the October 2023 home purchase
| Micro-market in Mumbai | Central Mumbai | Central Suburbs | South Mumbai | Western Suburbs | Out of city |
| South Mumbai | 4% | 0% | 65% | 0% | 8% |
| Central Mumbai | 41% | 0% | 0% | 5% | 0% |
| Western Suburbs | 20% | 19% | 35% | 74% | 49% |
| Central Suburbs | 35% | 81% | 0% | 21% | 41% |
The city registered 104,832 units in the first ten months of 2023, generating a sizeable sum of money for the state treasury of Rs 9,221 crore. 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.
| Jan-Oct | Registration | YoY | Revenue | YoY |
| Jan-Oct
(Units) |
Jan-Oct
(INR cr) |
|||
| 2023 | 104,832 | 1.1% | 9,221 | 25% |
| 2022 | 103,703 | 10% | 7,382 | 54% |
| 2021 | 94,650 | 158% | 4,803 | 123% |
| 2020 | 36,751 | -34% | 2,154 | -52% |
| 2019 | 55,856 | -17% | 4,475 | -4% |
| 2018 | 67,229 | 21% | 4,672 | 6% |
| 2017 | 55,472 | 2% | 4,427 | 29% |
| 2016 | 54,596 | -2% | 3,426 | 0% |
| 2015 | 55,641 | 10% | 3,437 | 16% |
| 2014 | 50,797 | -5% | 2,976 | -2% |
| 2013 | 53,601 | NA | 3,048 | NA |
Registrations for property sales in Mumbai and revenue collection over the previous 11 years
| Year (Jan-Oct) | Registrations in Jan-Oct | YoY Change | Revenue | YoY Change |
| Jan-Oct
(in cr) |
||||
| 2013 | 53,601 | NA | 3,048 | NA |
| 2014 | 50,797 | -5% | 2,976 | -2% |
| 2015 | 55,641 | 10% | 3,437 | 16% |
| 2016 | 54,596 | -2% | 3,426 | 0% |
| 2017 | 55,472 | 2% | 4,427 | 29% |
| 2018 | 67,229 | 21% | 4,672 | 6% |
| 2019 | 55,856 | -17% | 4,475 | -4% |
| 2020 | 36,751 | -34% | 2,154 | -52% |
| 2021 | 94,650 | 158% | 4,803 | 123% |
| 2022 | 103,703 | 10% | 7,382 | 54% |
| 2023 | 104,832 | 1.1% | 9,221 | 25% |
The share of registrations for properties valued at Rs 1 crore or more has consistently increased in recent years. From January to October 2020, this percentage was 50%; from January to October 2023, it was almost 56%. Property registrations below the Rs 1 crore threshold have suffered as a result of the growth in property prices and a considerable 250 basis point increase in the policy repo rate over the last two years. Registrations for properties valued at one crore or more, however, have shown that the impact of these modifications has been rather minimal.
Splitting registrations for property sales in Mumbai based on ticket size
| Registrations | Rs 1 cr and below | Rs 1 cr and above |
| Jan- Oct 2023 | 44% | 56% |
| Jan- Oct 2022 | 46% | 54% |
| Jan- Oct 2021 | 47% | 53% |
| Jan-Oct 2020 | 50% | 50% |
| Registrations | Rs 1 cr and below
(Units) |
Rs 1 cr and above
(Units) |
| Jan- Oct 23 | 46,126 | 58,706 |
| Jan- Oct 22 | 47,703 | 56,000 |
| Jan- Oct 21 | 44,486 | 50,165 |
| Jan- Oct 20 | 18,376 | 18,376 |
Over 10,000 properties are regularly sold in the Mumbai residential real estate market, which is exhibiting remarkable resiliency. This tendency is further supported by the rising popularity of residences priced at Rs 1 crore and higher, which points to a trend for larger, more opulent living quarters. This change demonstrates the buyers’ ability and willingness to commit to long-term goals, as well as the rising trend of real estate values in the area. A stable interest rate environment is also something that buyers are looking for more and more in the context of the nation’s consistent economic growth. A climate full of hope and attractive chances may be created by such stability, which could support the housing market even more.
You’re looking for Projects in Seawoods have the Best Properties In Navi Mumbai Like Ready to Move:https://navimumbaihouses.com/properties/search/seawoods/
If you want daily property update details please follow us on Facebook Page / YouTube Channel / Twitter
