Property registrations in Mumbai hit 11-year high in November 2023

According to data from the Department of Registration and Stamps, Government of Maharashtra, the registration of properties in the Mumbai Municipal region rose 8% annually to 9713 units in the month of November 2023. In November last year, as many as 8,965 units were registered. Despite fewer working days in November due to a slew of holidays, the registration of properties in Mumbai city increased year-on-year.
This has contributed a revenue of over Rs. 711 crores to the State exchequer. This success is driven by factors such as increasing income levels and a positive outlook on homeownership, apart from attractive pricing, discounts and home loan offers during the festive period.
As per Knight Frank, the city recorded the best November registration numbers in 11 years. The registration number is higher year-on-year, but it is less than in October when 10,607 units were registered. Despite a dip in registrations and revenues in November 2023, from the last few months, the broader trend is positive, with a 10 per cent year-on-year rise in property registrations and stamp duty revenues expected to surpass Rs 10,000 crore for the first time ever.
Of the overall registered properties in November 2023, residential units constituted 80%, and the remaining 20% constituted non-residential assets.
Of the total properties registered, Central and Western suburbs together constituted over 75% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb buyers and 85% of Central suburb purchasers opt to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of conveniences that align with their pricing and feature preferences.
In the 11 months of 2023, the city achieved a registration count of 1,14,464 units resulting in a substantial revenue accumulation of Rs 9,922 crore for the state treasury. This achievement stands as the highest within the same timeframe since 2013. Stamp duty revenues increased from Rs 5,352 crore in 2021 to Rs 8,066 crore in 2022 and then to Rs 9,922 crore till November 2023, indicating that they will cross Rs 10,000 crore for the first time. The elevated revenue growth can be attributed to factors like registration of higher-value properties and augmented stamp duty rate.
Shishir Baijal, chairman and managing director of Knight Frank India, said that there has been a notable 6.5% YoY increase in prime property prices during Q3 2023. He also anticipates a 5.5% upsurge in prices of prime residential properties valued Rs 1 crore and above in 2024. The share of high value property registrations of Rs 1 crore and above has increased from 51% in YTD November 2020 to 57% in YTD November 2023.
This is primarily attributed to robust housing demand and economic expansion. Besides the strong sense of home ownership, rising income levels, stable home loan interest rates coupled with moderate rise in property prices have contributed to the cause of affordability in Mumbai, a crucial factor that will help sustain the momentum of housing sales in Mumbai.
The continuing upgrade in infrastructure projects has improved connectivity in Mumbai and MMR region facilitating homebuyers who are now buying their desired home in far-flung suburbs, which are reasonably priced. This is reflected in the heightened demand for both premium and mid-end categories, particularly in emerging micro-markets like the Kanjurmarg, Vikhroli, Mulund and Dombivli.
With redevelopment and upcoming infrastructural projects serving as growth propellers for the housing segment in Mumbai, developers anticipate this sentiment to further strengthen over time, creating new opportunities for branded developers to explore.

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Property registrations in Mumbai hit 11-year high in November 2023

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