In March 2024, 14,400+ Property Sales Were Registered In Mumbai
Property Registered In Mumbai- The number of new property registrations in Mumbai’s property market increased by 10% year over year in March 2024, indicating a good trend in the industry. This is the case even though stamp duty revenue decreased by 7% during the same time previous year.
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Registrations are up, while revenue is down
Data from the Department of Registrations and Stamps (IGR) of the Maharashtra government shows that 14,411 properties altogether under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC) were register in March 2024. This is a considerable increase over March 2023. Nevertheless, the amount of money received from stamp duty on these properties was less than that of the prior year.
Analysts believe that the unusually large stamp duty revenues in March 2023 are to blame for the revenue decline. This spike was probably brought on by a change in federal policy that limited tax deductions for capital gains from the sale of residential real estate after March 31, 2023, which prompted a rush of deals before that date.
Looking at the Month-to-Month Data
Both the number of properties registered and the amount of stamp duty collected increased month over month. In February 2024, there was a 20% increase in registrations, and a 29% increase in stamp duty receipts.
High demand for residential properties
According to the data, 80 per cent of all registered properties are residential units, which represents a sizeable share of the total. This suggests that Mumbai has a strong demand for residential real estate.
Market Outlook Remains Positive
The positive trend in property registrations is probably going to continue, according to experts at real estate consulting. In the upcoming quarters, elements including robust economic growth & favourable interest rates are anticipated to sustain the pace and foster an atmosphere that is conducive to buying.
Western and Central Suburbs Remain Popular
The central & western suburbs of Mumbai continue to be popular places to buy real estate, according to the survey. Over 73% of all property registrants were drawn to these neighbourhoods because of their recent releases, contemporary amenities, and strong connections.
Redevelopment activity is still low
The report contains an intriguing fact on the low percentage of redevelopment deals. During the fiscal year 2023–2024, transactions with a stamp duty rate below 5%—which usually involve redevelopment projects—stayed at an average of 12%.
Industry experts remain bullish
Optimism for the Mumbai residential real estate market. The steady increase in property registrations, in his opinion, suggests a robust market. Looking ahead, Baijal believes that favourable interest rate scenarios and a strong economy will continue to support this good trend.
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