How Many Property Registrations were Recorded in Mumbai in 2023?
The year 2023 marked a significant milestone for Mumbai’s real estate sector, witnessing a remarkable surge in property registrations and stamp duty collections. This article provides a detailed analysis of the trends and patterns observed in the Mumbai real estate market throughout the year, shedding light on various aspects such as property registrations, stamp duty collections, consumer behavior, geographical trends, pricing impact, and market performance.
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Contents
- 1 What were the total real estate property registrations recorded in Mumbai in 2023?
- 2 How does the stamp duty collection in 2023 compare to previous years?
- 3 What percentage of the registered properties in Mumbai comprised residential units?
- 4 Which areas in Mumbai saw the highest surge in property registrations in 2023?
- 5 How has the percentage of property registrations valued at ₹1 crore or higher changed over the years?
- 6 What impact have rising property prices and changes in monetary policies had on the lower-priced property segment?
- 7 How does the 2023 real estate market performance in Mumbai compare to previous years, especially since 2013?
- 8 What contributed to the significant increase in stamp duty collections in December 2023?
- 9 What proportion of consumers in Mumbai prefer purchasing properties within their familiar micro-markets, and why?
What were the total real estate property registrations recorded in Mumbai in 2023?
In 2023, Mumbai experienced a substantial upswing in real estate activity, recording a total of 127,139 property registrations within the jurisdiction of the Brihanmumbai Municipal Corporation (BMC). This figure marked the highest number of registrations since 2013, showcasing a thriving real estate landscape in the city. Compared to the preceding year, there was a notable 4% increase, signifying robust growth in property transactions.
How does the stamp duty collection in 2023 compare to previous years?
The year 2023 saw a significant boost in stamp duty collections, reaching an impressive ₹10,889 crore. This collection stood as a 10-year high, displaying a substantial year-on-year increase of 22% compared to previous years. December 2023 contributed significantly to this surge, with over 12,487 property registrations contributing ₹952 crore to the state government’s revenues.
What percentage of the registered properties in Mumbai comprised residential units?
Of the total registered properties, residential units constituted a substantial 80%. This statistic underscores the strong demand for housing in Mumbai and reflects the preference of homebuyers towards residential properties.
Which areas in Mumbai saw the highest surge in property registrations in 2023?
The surge in property registrations was prominently observed in the central and western suburbs of Mumbai. These areas collectively accounted for over 75% of the total registrations. Consumers in these regions displayed a strong inclination to purchase properties within their micro-markets due to factors such as location familiarity and availability of products that align with their preferences in terms of pricing and features.
How has the percentage of property registrations valued at ₹1 crore or higher changed over the years?
Over the years, there has been a consistent increase in the percentage of property registrations valued at ₹1 crore or higher. This percentage rose from 52% in 2020 to approximately 57% in 2023. However, this upward trend has adversely affected the segment priced below the ₹1 crore threshold due to rising property prices and a 250-basis point increase in the policy repo rate over the last two years.
What impact have rising property prices and changes in monetary policies had on the lower-priced property segment?
Over the years, there has been a consistent increase in the percentage of property registrations valued at ₹1 crore or higher. This percentage rose from 52% in 2020 to approximately 57% in 2023. However, this upward trend has adversely affected the segment priced below the ₹1 crore threshold due to rising property prices and a 250-basis point increase in the policy repo rate over the last two years.
How does the 2023 real estate market performance in Mumbai compare to previous years, especially since 2013?
The real estate market performance in 2023 surpassed the records of previous years, particularly since 2013. The heightened property registrations and stamp duty collections in 2023 marked a significant achievement for the Mumbai real estate sector, indicating a robust and successful year.
What contributed to the significant increase in stamp duty collections in December 2023?
The significant increase in stamp duty collections in December 2023 can be attributed to the surge in property transactions and registrations during this period. The strong market activity and increased number of registrations directly impacted the stamp duty revenue.
What proportion of consumers in Mumbai prefer purchasing properties within their familiar micro-markets, and why?
A substantial proportion of consumers in Mumbai, 86% in Western suburbs and 84% in Central suburbs, prefer purchasing properties within their micro-markets. This choice is influenced by familiarity with the location and the availability of properties that match their pricing and feature preferences.
