August 31, 2023: The Mumbai city, under the BMC jurisdiction, has recorded registrations of around 10,550 properties, as per the latest Knight Frank India report. The stamp duty collections increased by 23% YoY to Rs 790 crore in August 2023. Of the overall registered properties, the residential units constitute 80% and the remaining 20% constitute the non-residential assets.
Best August in last 10 years (2013-2023)
| Month-wise | Sales Registration | YoY change | MoM change | Revenue
(INR Cr) |
YoY change | MoM change |
| Aug-13 | 4,779 | NA | -7% | 239 | NA | -17% |
| Aug-14 | 5,031 | 5% | -4% | 297 | 24% | -6% |
| Aug-15 | 5,573 | 11% | -4% | 347 | 17% | -14% |
| Aug-16 | 5,444 | -2% | -5% | 324 | -7% | -5% |
| Aug-17 | 4,886 | -10% | -20% | 348 | 7% | -5% |
| Aug-18 | 6,862 | 40% | 7% | 442 | 27% | 0% |
| Aug-19 | 5,873 | -14% | 2% | 500 | 13% | 11% |
| Aug-20 | 2,642 | -55% | -1% | 176 | -65% | -18% |
| Aug-21 | 6,784 | 157% | -31% | 421 | 139% | -26% |
| Aug-22 | 8,552 | 26% | -25% | 644 | 53% | -22% |
| Aug-23* | 10,550 | 23% | 3% | 790 | 23% | -5% |
Source: IGR Maharashtra
*Note: Data for August 2023 is estimated based on per day run rate
According to the report, August 2023 has been the most successful August month in the past decade for Mumbai city in terms of both registration numbers and revenue generated.
Dhaval Ajmera, director, Ajmera Realty & Infra India, said, “The housing sales registrations in the month of August 2023 for the Mumbai Metropolitan Region (MMR) crossing the 10K mark showcases the confidence amongst the homebuyers of the city towards the residential asset class. The interest of homebuyers in residential real estate is propelled by the dual effect of the need to upgrade to a bigger and better living space and focused impetus on infrastructural developments across the city. Compared to August 2022, these housing registrations have exhibited remarkable growth of over 23%. This surge can be attributed to the growing emphasis on a superior post-COVID lifestyle, with the need for enhanced livability—a key criterion for homebuyers.”
Preferred location of property purchase in August 2023
| Buyers’ location | ||||||
| Preferred
Micro market |
Central Mumbai | Central Suburbs | South Mumbai | Western Suburbs | Out of city | |
| Central Mumbai | 40% | 0% | 0% | 5% | 0% | |
| Central Suburbs | 36% | 84% | 0% | 20% | 41% | |
| South Mumbai | 3% | 0% | 64% | 0% | 9% | |
| Western Suburbs | 21% | 16% | 36% | 75% | 50% | |
| 100% | 100% | 100% | 100% | 100% | ||
Source: IGR Maharashtra
The Central and Western Suburbs have experienced a surge in launches in response to strong demand. These areas offer value, with modern amenities provided in most new developments. Additionally, these locales are already well-connected or are set to be linked through the upcoming metro networks.
The Central and Western Suburbs have also shown a pronounced inclination for buyers to upgrade within their own micro markets. Around 75% of Western Suburb buyers and 84% of Central Suburb purchasers opt to invest within their familiar micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.
Mumbai property sale registrations and government revenue collection
| Jan-Aug
2013 – 2023 |
Registration | YoY | Revenue | YoY |
| Jan-Aug (Units) | Jan-Aug (INR cr) | |||
| 2013 | 44,583 | NA | 2,434 | NA |
| 2014 | 41,533 | -7% | 2,340 | -4% |
| 2015 | 45,609 | 10% | 2,769 | 18% |
| 2016 | 44,099 | -3% | 2,734 | -1% |
| 2017 | 44,090 | 0% | 3,499 | 28% |
| 2018 | 54,939 | 25% | 3,809 | 9% |
| 2019 | 46,013 | -16% | 3,685 | -3% |
| 2020 | 23,225 | -50% | 1,740 | -53% |
| 2021 | 78,270 | 237% | 3,723 | 114% |
| 2022 | 86,653 | 11% | 5,924 | 59% |
| 2023 | 83,263 | -4% | 7,242 | 22% |
Source: IGR Maharashtra
During the initial eight months of 2023, the city achieved a registration count of 83,263 units, resulting in a revenue accumulation of Rs 7,242 crore for the Maharashtra state treasury. The Knight Frank India report points that this achievement stands as the highest within the same timeframe since 2013. This surge in property registrations has notably bolstered the Government of Maharashtra’s financial position. The elevated revenue growth can be attributed to various factors, including the registration of higher-value properties and an augmented stamp duty rate.
Ticket size-wise split of property sale registrations
| Registrations | INR 1 Cr and below | INR 1 Cr and Above |
| Jan-Aug 20 | 52% | 48% |
| Jan-Aug 21 | 47% | 53% |
| Jan-Aug 22 | 46% | 54% |
| Jan-Aug 23 | 43% | 57% |
Source: IGR Maharashtra
The escalation in property prices, coupled with a significant 250 basis point increase in the interest rate during this timeframe, has influenced property registrations below the Rs 1 crore threshold, it highlighted. However, registrations for properties valued at Rs 1 crore and above have demonstrated a relatively minimal response to these changes. Consequently, this has resulted in a noticeable positive impact on the share of property registrations for properties priced above Rs 1 crore, signifying a sustained demand within this higher price segment of the market.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Mumbai’s residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at Rs 1 crore and above continue to rise, led by surge in property prices and increasing preference among home buyers for more spacious accommodation. Overall, the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand”.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected] |
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