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Mumbai's property registration soared by 4% year-on-year, reaching a historic high of 1,26,907 units in 2023, surpassing the previous record of 1,22,035 units in the preceding year, as revealed by Knight Frank India. The Mumbai municipal area experienced this surge due to heightened demand, reflecting a robust real estate market. The state government witnessed a 22% increase in stamp duty revenue, amounting to Rs 10,869 crore in 2023. In December alone, Mumbai city witnessed a 31% year-on-year spike in property registrations, totaling 12,255 units. Residential units constituted a whopping 80% of the overall registered properties.
Knight Frank compiled this data by sourcing information from the Department of Registrations and Stamps, Maharashtra government, encompassing both primary (fresh) and secondary (re-sale) markets. The increase in property registrations, especially a notable 57% surge in high-value registrations, underscores the market's strength. Knight Frank CMD Shishir Baijal attributed this demand surge to rising income levels, improved affordability, and a positive homeownership outlook.
The stability in interest rates and a growing preference for larger homes contribute to homebuyer confidence, propelling Mumbai's real estate momentum. The real estate sector's resilience has also supported a 22% growth in state revenue from stamp duty.
Akhil Saraf, founder of Proptech startup Reloy, highlighted the perception of real estate as a safe asset class like gold, emphasizing its utility. Despite global economic challenges, real estate ownership remains perceived as secure, contrasting with increased uncertainty in other sectors. Saraf noted the rise in both property prices and rents in Indian housing, dispelling debates around 'rent vs buy.' His firm, Reloy, plays a pivotal role in assisting builders with referral sales.
The present surge in property registrations indicates a thriving real estate market in Mumbai, fueled by factors such as increased income, affordability, and changing housing preferences. The state government's higher revenue collection underlines the sector's economic significance. The positive trend aligns with a global understanding of real estate as a stable asset, resonating particularly well in India where it serves not only as an investment but also as a utility, contributing to increased homeownership confidence.
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