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Mumbai recorded the best in total property sale registrations in 2023 than in the past 11 years. In 2023, the Mumbai city area which falls under Brihanmumbai Municipal Corporation (BMC) jurisdiction, recorded total registrations of 127,139 properties. As per data compiled by real estate consultant Knight Frank India, the property sales for the region surpassed last year’s high of 1,22,035 units by 4%.
The state government collected a revenue of Rs 10,889 crore as stamp duty in 2023. This was 22% higher from the previous year.
In December alone, 12,487 units were registered in Mumbai city, up 33% from 9,367 units in the year-ago period.
Experts in the real estate industry attribute this growth pattern to a variety of factors. Mr. Pritam Chivukula – Vice President, CREDAI-MCHI, and Director at Tridhaatu Realty – says that the Mumbai housing market experienced a great surge in home sales throughout 2023. He attributes this surge to the positive market sentiments that prevailed consistently over the year. Alongside, the increased aspirations and rising income levels among potential homebuyers too has significantly fuelled the housing demand in the city. He anticipates the housing demand in Mumbai to continue on its upward trajectory.
Mr. Rohan Khatau, Director, CCI Projects, says that the real estate sector in Mumbai, particularly the western suburbs of Mumbai, grew phenomenally because of improved connectivity and enhanced convenience. He says that there is a growing recognition of the importance of home ownership among consumers. The western suburbs area, known for its rising infrastructure and strategic location, has emerged as a hotbed for real estate activity.
Mr. Himanshu Jain, VP - Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL) - attributed the growth to a combination of compelling factors, including enticing pricing strategies, exclusive discounts, and special home loan offers that are especially tailored for the customers. The substantial upgrade in infrastructure projects across Mumbai and the Mumbai Metropolitan Region (MMR) have notably improved connectivity. This makes the suburbs an increasingly appealing choice for prospective homeowners as they offer attractively priced options that align well with the budgets of a diverse range of buyers.
In conclusion, the surge in Mumbai's real estate market reflects robust growth attributed to positive market sentiments, increased aspirations, and rising incomes. With infrastructure upgrades enhancing connectivity, Mumbai's suburbs have become the major drivers of this growth. This trend is a reflection of the shifting preferences of homebuyers, who are now more inclined towards properties in the suburbs due to their affordability and improved connectivity.
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