Mumbai saw property registrations of 10,514 units in April 2023, shows a report by property brokerage firm Knight Frank report. The city added over Rs 900 crore to the state exchequer, registering its highest ever revenue collection for April 2023 in the past 10 years. Of the total properties registered, 83% were residential while 17% were non-residential. The growth in revenues was on account of an increased stamp duty rate and surge in higher-value property transactions.
The daily average property registration in April 2023 was 352 units, making it the second-best April month in the last ten years after April 2022. However, total property registrations in April 2023 at 9,867 was down 16% YoY.
Shishir Baijal, chairman and managing director, Knight Frank India said, “Mumbai’s home buying appetite has remained strong despite a rise in stamp duty, consecutive rise in interest rates and a steady rise in prices in the market. In the last 10 years since April 2013, Mumbai has registered an estimated sales of 8,00,000 properties. 40% of this, which is an estimated 3,18,000 units, has been registered since September 2020 from the time the stamp duty stimulant was introduced. Despite the stamp duty rate being elevated to a historic 6% high, the momentum continues thus far. Mumbai saw a registration of 1,28,427 properties between the period April 2022 and April 2023, constituting about 16% of all properties registered in the last 10 years.”
Apartments between 500-1,000 sqft preferred choice
In April 2023, apartments measuring 500 sqft to 1,000 sqft continued to be purchasers’ preference, accounting for 44% of all apartments. Apartments with less than 500 sqft saw a marginal decline in market share from 36% in April 2022 to 32% in April 2023. The share take-up for areas larger than 1,000 sqft increased from 17% in April 2022 to 24% in April 2023.
| Area (sqft) | Share in Apr 2022 | Share Mar 2023 | Share Apr 2023 |
| Up to 500 | 36% | 34% | 32% |
| 500 – 1,000 | 47% | 48% | 44% |
| 1,000 – 2,000 | 15% | 14% | 14% |
| over 2,000 | 2% | 3% | 10% |
Source: IGR Maharashtra
Home buying budget up to Rs 1 crore remains top choice
In April 2023, homebuyers’ buying patterns on housing shifted, with Rs 2.5 crore and below accounting for 87% of registered properties compared to 84% in April 2022, and Rs 2.5 crore and above accounting for 13% of all registered houses compared to 16% in April 2022.
| Ticket size | Share in Apr 2022 | Share in Mar 2023 | Share in Apr 2023 |
| Up to Rs 1 Cr | 45% | 41% | 49% |
| Rs 1 Cr to Rs 2.5 Cr | 39% | 41% | 38% |
| Rs 2.5 Cr to Rs 5 Cr | 10% | 12% | 9% |
| Rs 5 Cr to Rs 10 Cr | 5% | 4% | 3% |
| Rs 10 Cr – Rs 20 Cr | 1% | 1% | 1% |
| More than Rs 20 Cr | <1% | <1% | <1% |
Source: IGR Maharashtra
Age category 31-45 years remain largest buyer group
In April 2023, the age group of 31 and 45 made up the biggest percentage of home buyers, accounting for 44% of all residential property registrations. 12% of house purchasers are under 30 years old, while 30% of buyers are in the 46 to 60 age range. In April 2023, the share of home buyers who were over 60 years old was 14%.
| Age of Home buyers | Share in Apr 2022 | Share in Mar 2023 | Share in Apr 2023 |
| Under 30 years | 10% | 10% | 12% |
| 31- 45 years | 46% | 44% | 44% |
| 46- 60 years | 31% | 33% | 30% |
| Over 60 years | 13% | 14% | 14% |
Source: IGR Maharashtra
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