India’s financial capital Mumbai contributed over Rs 821 crore to Maharashtra state revenue with a total of 9,182 property registrations in December 2022, says a recent report by property brokerage firm Knight Frank India.
According to the report, more than 1.21 lakh residential properties were registered in Mumbai in 2022. The Maharashtra government collected Rs 8,887 crore from stamp duty and registration fees and recorded a 10-year high in annual revenue collection from property registrations in Mumbai. These numbers indicate towards the robust buyer sentiment, considering absence of any government incentives.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Mumbai’s residential market is in a growth mode due to two factors. Firstly, the changed attitude towards home purchases since the pandemic, which has continued and secondly, economic growth leading to incremental income and financial stability. Thus, despite higher home loan rates, no sops from the state government or rise in capital values over the last year, demand has remained strong. Mumbai is also a lot more affordable today (despite the deterioration in the affordability index by 100 bps) than it was a decade ago, which has adequately negated the possible impact of the rise in prices and home loans. As India is expected to remain in growth mode, we expect this demand to remain largely unchanged in the new year, even if prices and home loans were to rise marginally as part of the natural course of events.”
According to the report, western suburbs’ share in total registrations in December 2022 was 52%, central suburbs’ 35%, Central Mumbai’s 6% and South Mumbai’s 6%. In December 2022, properties falling in the price bracket of up to Rs 1 crore emerged as a preferred ticket size having a share contribution of 45%. Also, buyers in the age group 31-45 years accounted for the largest share of homebuyers in December 2022 totalling to 46%, followed by the age group 46-60 years totalling to 31%, above 60 years totalling to 13% and below 30 years totalling to 11%.
