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Mumbai's property market is on a remarkable streak, with the city recording over 10,000 property registrations for the third consecutive month in August 2023. This achievement reflects the city's robust real estate sector, which has shown resilience and continued growth despite various challenges.
In August 2023, Mumbai witnessed the registration of 10,455 housing units, marking the third consecutive month of surpassing the 10,000-property registration threshold. This sustained momentum indicates the city's vibrant real estate market and the sustained interest of buyers and investors.
The revenue collected by the government in August 2023 amounted to INR 776 Crore. While this figure represents a 7% decline compared to July 2023, it is essential to note that it signifies a substantial 21% increase from the revenue collected in August 2022. This demonstrates the enduring strength of Mumbai's property market.
An analysis of property launches in Mumbai for the period of April to June 2023 provides valuable insights into evolving market dynamics. Notably, properties ranging from 500 to 1,000 square feet dominated this period, capturing the highest share at 51%. However, this percentage has declined from the 61% share recorded in the same period in 2022.
Property launches in the INR 1.5 Crore to INR 2.5 Crore segment accounted for 27% of the total new launches between April and June 2023. This figure reflects a decline from the 35% share recorded in the first quarter of 2023. In contrast, properties priced above INR 2.5 Crore constituted a noteworthy 21% of the total new launches during the same period. This indicates a significant rise from the 16% share observed in the corresponding quarter of 2022.
These trends highlight that homebuying activity in Mumbai is currently skewed towards the high-end and ultra-luxury segments. The high-end category likely includes homebuyers looking to upgrade their living spaces or those compelled to consider this segment due to escalating property prices.
A regional analysis of Mumbai's property launches between April and June 2023 reveals notable shifts. The Western Suburbs claimed the highest share, accounting for 55% of the new launches during this period. This represents a substantial increase from the 32% share reported in the same period in 2022. This surge can be attributed, in part, to the operationalization of the second phase of two metro lines, which has positively impacted real estate activity in the Western Suburbs.
In contrast, the Eastern Suburbs witnessed a decline in market share, accounting for 38% of new launches in April-June 2023, down from a commanding 61% share in the same period the previous year. Several factors contribute to this shift, including delays in metro rail completion, the restart of previously stalled real estate projects, and substantial large-scale launches in recent years.
Despite changing dynamics in Mumbai's property market, it retains an overall positive outlook. The achievement of three consecutive months with over 10,000 property registrations is especially noteworthy as it occurred even during the peak of the rainy season, traditionally considered a challenging period for real estate activities. As the festive season approaches, there is optimism that homebuyer sentiments will receive a further boost. The next few months may witness heightened property registration activity as individuals and families consider real estate investments during this auspicious time.
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