The city reports revenue collection of Rs 37 cr per day from property registrations in March 2023. In March 2023, 12,421 residential units were registered in Mumbai, adding more than Rs 1,143 crore to the state’s revenue. Which used official data. Since April 2022, this is Mumbai’s greatest income collection. Residential properties made up 84% of the total registered properties, while non-residential properties made up 16%.<\/p>\n
Are you searching for <\/strong>new projects in kurla?<\/a><\/strong><\/p>\n <\/p>\n (INR cr)<\/strong><\/td>\n <\/p>\n Mumbai’s real estate market remained brisk despite rising mortgage rates making home ownership less affordable and strong customer demand for homeownership. March 2023 ranked third highest among March months in the previous ten years for daily average property registration with 401 units, behind March 2021. March 2021 saw the greatest average daily sale\u2014572 units\u2014as a result of the stamp duty reduction, while March 2022 saw an increase in property registration\u2014540 units\u2014due to a rush of registrations before the Metro cess was imposed. This financial year’s March will be the best month as well, despite being mostly driven by homebuyer fervor.<\/p>\n new projects in mulund<\/a><\/em><\/p>\n \u00a0<\/strong><\/p>\n Despite the fifth repo rate increase of 25 basis points in February 2023, which brings the total increase since May 2022 to 250 basis points, buyers have persisted in their commitment to buying residential property, the report said.<\/p>\n Despite the recent hikes in interest rates, Mumbai’s real estate market continued to be strong in March. Due to the persistent desire of homebuyers to own a home, the market saw a growth in property registrations, which reached their highest level for the fiscal year 2023 in March 2023. The increase in property registrations helped the state exchequer make large gains. This illustrates the strength of the Mumbai real estate market, which is thriving despite adverse circumstances.<\/p>\n <\/p>\n Apartments between 500 and 1,000 square feet (sq.ft) continued to be favoured by buyers in March 2023, making up 48% of all apartments. The market share of apartments under 500 square feet slightly decreased from 35% in January 2023 to 34% in March 2023. The percentage of larger-than-1,000-square-foot areas that were occupied fell from 21% in February 2023 to 17% in March 2023.<\/p>\n new projects in bhandup<\/a><\/em><\/p>\n <\/p>\n Housing purchase trends changed in March 2023, when properties valued at Rs 2.5 crore or less accounted for 82% of registered properties, down from 87% in February 2023, and buildings valued at Rs 2.5 crore or more accounted for 17% of all registered homes, up from 14% in February 2023.<\/p>\n new project in gtb nagar<\/a><\/em><\/p>\n In March 2023, the majority of registrations\u201462% of the market share\u2014were for homes in the western suburbs, while 25% were for homes in the heart of Bombay. In March 2023, central Mumbai accounted for 6% of registrations, while south Mumbai accounted for 7% of all registrations.<\/p>\n As a result of the strong demand, there have been numerous launches in the two marketplaces of Central &\u00a0Western Suburbs recently. These areas offer excellent value because the majority of the local new constructions offer amenities for contemporary life. Additionally, these locations are either already connected to the metro network or will be in the near future, raising the profile of these assets yet further.<\/p>\n <\/p>\n <\/p>\n The majority of property registrations under Rs 5 crore are in the central and western suburbs. The majority of transactions over Rs 5 crore, however, were recorded in central and southern Mumbai.<\/p>\n
\nMumbai property registrations dating back to April 2022<\/h2>\n
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\n Period<\/strong><\/td>\n Registration (Units)<\/strong><\/td>\n YoY<\/strong><\/td>\n MoM<\/strong><\/td>\n Revenue<\/strong><\/p>\n YoY<\/strong><\/td>\n MoM<\/strong><\/td>\n<\/tr>\n \n Apr-22<\/td>\n 11,743<\/td>\n 16%<\/td>\n -30%<\/td>\n 738<\/td>\n 43%<\/td>\n -36%<\/td>\n<\/tr>\n \n May-22<\/td>\n 9,839<\/td>\n 84%<\/td>\n -16%<\/td>\n 727<\/td>\n 171%<\/td>\n -2%<\/td>\n<\/tr>\n \n Jun-22<\/td>\n 9,919<\/td>\n 26%<\/td>\n 1%<\/td>\n 734<\/td>\n 75%<\/td>\n 1%<\/td>\n<\/tr>\n \n Jul-22<\/td>\n 11,340<\/td>\n 15%<\/td>\n 14%<\/td>\n 829<\/td>\n 46%<\/td>\n 13%<\/td>\n<\/tr>\n \n Aug-22<\/td>\n 8,552<\/td>\n 26%<\/td>\n -25%<\/td>\n 644<\/td>\n 53%<\/td>\n -22%<\/td>\n<\/tr>\n \n Sep-22<\/td>\n 8,628<\/td>\n 11%<\/td>\n 1%<\/td>\n 734<\/td>\n 39%<\/td>\n 14%<\/td>\n<\/tr>\n \n Oct-22<\/td>\n 8,422<\/td>\n -2%<\/td>\n -2%<\/td>\n 724<\/td>\n 32%<\/td>\n -1%<\/td>\n<\/tr>\n \n Nov-22<\/td>\n 8,965<\/td>\n 18%<\/td>\n 6%<\/td>\n 684<\/td>\n 24%<\/td>\n -6%<\/td>\n<\/tr>\n \n Dec-22<\/td>\n 9,367<\/td>\n -3%<\/td>\n 4%<\/td>\n 835<\/td>\n 10%<\/td>\n 22%<\/td>\n<\/tr>\n \n Jan-23<\/td>\n 9,001<\/td>\n 10%<\/td>\n -4%<\/td>\n 692<\/td>\n 45%<\/td>\n -17%<\/td>\n<\/tr>\n \n Feb-23<\/td>\n 9,684<\/td>\n -7%<\/td>\n 8%<\/td>\n 1,112<\/td>\n 81%<\/td>\n 61%<\/td>\n<\/tr>\n \n Mar-23<\/td>\n 12,421<\/td>\n -26%<\/td>\n 28%<\/td>\n 1,143<\/td>\n -1%<\/td>\n 3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Sales data for March and changes to the MoM for 2013 to 2023<\/h2>\n
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\n Month-wise<\/strong><\/td>\n Sales registration<\/strong><\/td>\n MoM change<\/strong><\/td>\n YoY change<\/strong><\/td>\n<\/tr>\n \n Mar-13<\/td>\n 6,876<\/td>\n 42%<\/td>\n NA<\/td>\n<\/tr>\n \n Mar-14<\/td>\n 5,652<\/td>\n 17%<\/td>\n -18%<\/td>\n<\/tr>\n \n Mar-15<\/td>\n 6,208<\/td>\n 25%<\/td>\n 10%<\/td>\n<\/tr>\n \n Mar-16<\/td>\n 5,705<\/td>\n 10%<\/td>\n -8%<\/td>\n<\/tr>\n \n Mar-17<\/td>\n 6,746<\/td>\n 84%<\/td>\n 18%<\/td>\n<\/tr>\n \n Mar-18<\/td>\n 8,867<\/td>\n 34%<\/td>\n 31%<\/td>\n<\/tr>\n \n Mar-19<\/td>\n 6,617<\/td>\n 24%<\/td>\n -25%<\/td>\n<\/tr>\n \n Mar-20<\/td>\n 3,798<\/td>\n -36%<\/td>\n -43%<\/td>\n<\/tr>\n \n Mar-21<\/td>\n 17,728<\/td>\n 74%<\/td>\n 367%<\/td>\n<\/tr>\n \n Mar-22<\/td>\n 16,726<\/td>\n 61%<\/td>\n -6%<\/td>\n<\/tr>\n \n Mar-23<\/td>\n 12,421<\/td>\n 28%<\/td>\n -26%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Registrations continue to be dominated by the 500-1,000 sq ft area.<\/h2>\n
Apartment sales broken down by neighbourhood<\/h2>\n
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\n Area (sq ft)<\/strong><\/td>\n Share in Jan 2023<\/strong><\/td>\n Share Feb 2023<\/strong><\/td>\n Share Mar 2023<\/strong><\/td>\n<\/tr>\n \n Up to 500<\/td>\n 35%<\/td>\n 34%<\/td>\n 34%<\/td>\n<\/tr>\n \n 500 \u2013 1,000<\/td>\n 48%<\/td>\n 45%<\/td>\n 48%<\/td>\n<\/tr>\n \n 1,000 \u2013 2,000<\/td>\n 14%<\/td>\n 12%<\/td>\n 14%<\/td>\n<\/tr>\n \n over 2,000<\/td>\n 3%<\/td>\n 9%<\/td>\n 3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n March sales in categories under Rs 2.5 crore were 82%<\/h2>\n
Central and Western Suburbs make up 84% of the market.<\/h2>\n
Micro market-wise division<\/h2>\n
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\n Micro-market<\/strong><\/td>\n Share in Jan 2023<\/strong><\/td>\n Share in Feb 2023<\/strong><\/td>\n Share in Mar 2023<\/strong><\/td>\n<\/tr>\n \n Central Mumbai<\/td>\n 6%<\/td>\n 5%<\/td>\n 6%<\/td>\n<\/tr>\n \n Central Suburbs<\/td>\n 30%<\/td>\n 27%<\/td>\n 25%<\/td>\n<\/tr>\n \n South Mumbai<\/td>\n 7%<\/td>\n 11%<\/td>\n 7%<\/td>\n<\/tr>\n \n Western Suburbs<\/td>\n 58%<\/td>\n 57%<\/td>\n 62%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n