Mumbai Property Registrations Begin Strongly in 2023: Find Out Why

Property registrations in Mumbai reached their second-highest level on record between January and July 2023, with over 72,700 registrations. The revenue collection during this period was the highest, amounting to about Rs 6,500 crore. This information comes from a report by Moneycontrol, which cited data from Maharashtra's Inspector General of Registrations and Stamps (IGR).

According to Knight Frank India, a real estate consultancy, Mumbai recorded 78,101 registrations and generated revenue of Rs 5,280 crore from them in the first seven months of 2022.

On July 31, the realty consultant reported that in the first seven months of 2023, Mumbai registered a total of 72,706 units, leading to substantial revenue collection of over Rs 6,453 crore for the state. This revenue collection was the highest in comparison to the same period since 2013.

The increase in property registrations has been beneficial for the Government of Maharashtra. The rise in revenue can be attributed to various factors, including the higher value of properties being registered and the increased stamp duty rate.

As per the Moneycontrol report, the stamp duty for property purchases in Maharashtra currently ranges from 5% to 7%. The registration fee is Rs 30,000 for properties valued at more than Rs 30 lakh and 1% of the property's value for homes below Rs 30 lakh.

Vinay Rohira, sales head of real estate developer SD Corp, stated that Mumbai's real estate market is undergoing significant changes, supported by rapid infrastructure development such as the MHTL, Coastal road, and Metro project. This has generated renewed interest among homebuyers looking to own a home in the city.

Rohira also mentioned that the positive sentiment, coupled with per-capita income growth, has driven home sales across Mumbai, especially in luxury housing within emerging micro markets. The proportion of property registrations for properties worth Rs 1 crore or more has steadily increased over the past few years, rising from 48% in 2020 to around 57% in 2023. This trend is expected to continue, and demand for premium housing is likely to be high during the upcoming holiday season.