Property registrations in Mumbai in December rose about a third on year, the second highest level in 11 years, while revenue collections increased 4 per cent yearly, state government data showed.

The city registered around 12,500 units in December; the stamp duty collected was ₹952 crore. Sequentially, registrations were up 28 per cent and revenue up 34 per cent.

Homebuyers in Mumbai continue demonstrating confidence in the property market, buoyed by stable demand and an enhanced positive sentiment. Property consultant Knight Frank said this optimism has resulted in a significant surge in Mumbai property registrations.

The increase can be attributed to rising income levels and a favourable perception towards homeownership, it added. In 2023, property registrations at 1.27 lakh units are the best since 2013, data from Knight Frank showed. This was also 4 per cent higher than last year. The total value of stamp duty collected during the year was close to Rs 11,000 crore, up by over a fifth on the year.

The considerable growth in revenue can be credited to various factors, including the registration of properties with higher values and the increased stamp duty rate, said Knight Frank.

“The year 2023 witnessed a remarkable upswing for the city’s real estate market as the city achieved its highest property registrations in 11 years driven by rising income levels, better affordability, and a positive homeownership outlook,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

“Notably, a 57 per cent increase in share of high-value property registrations attests to the robustness of the market. Supported by stable interest rate and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai’s real estate momentum,” he added.

Source: thehindubusinessline.com