Over 9,500 properties registered in Mumbai in November: Report

November 30, 2023: Mumbai city (area under BMC jurisdiction) is expected to record 9,548 property registrations, contributing to Rs 697 crore to the state government revenues, mentions a Knight Frank report. While registrations showed a 7% YoY rise, revenue from stamp duty increased by 2% compared to the preceding year. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets.

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Best November in last 11 years (2013-2023)

Month wise Registration	Sales registration	YoY change	Revenue (INR cr)	YoY change
Nov-13	3,859	-9%	220	-11%
Nov-14	5,001	30%	281	28%
Nov-15	4,221	-16%	250	-11%
Nov-16	3,838	-9%	233	-7%
Nov-17	6,230	62%	464	99%
Nov-18	5,190	-17%	362	-22%
Nov-19	5,574	7%	429	19%
Nov-20	9,301	67%	288	-33%
Nov-21	7,582	-18%	549	91%
Nov-22	8,965	18%	684	24%
Nov-23*	9,548	7%	697	2%

Source: IGR Maharashtra

Numbers forecasted based on per day run rate

As per the Knight Frank report, Mumbai in November 2023 is set to achieve its most successful November in the past 11 years for property registrations, highlighting the enduring strength of the residential real estate sector. This success is driven by factors such as increasing income levels and a positive outlook on homeownership, reflecting the unwavering trust of property purchasers in the city’s real estate market.

Preferred location of property purchase in November 2023

		Buyers’ location
Preferred Micro market		Central Mumbai	Central Suburbs	South Mumbai	Western Suburbs	Out of city
	Central Mumbai	41%	2%	7%	0%	0%
	Central Suburbs	35%	85%	14%	14%	41%
	South Mumbai	4%	3%	50%	0%	8%
	Western Suburbs	20%	10%	29%	86%	49%
		100%	100%	100%	100%	100%

Source: IGR Maharashtra

Of the total properties registered, Central and Western suburbs together constituted over 75% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb buyers and 85% of Central suburb purchasers opt to purchase within their 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.

In the 11 months of 2023, the city achieved a registration count of 1,14,464 units resulting in a substantial revenue accumulation of Rs 9,922 crore for the state treasury. 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 coffers. The elevated revenue growth can be attributed to factors like registration of higher-value properties and augmented stamp duty rate.

Shishir Baijal, chairman and managing director, Knight Frank India, said, “Following a notable 6.5% YoY increase in prime property prices during Q3 2023, Mumbai is anticipated to witness a 5.5% upsurge in prime residential prices in 2024. This surge is primarily attributed to robust housing demand and economic expansion. This enduring trend is amplified by the rising share of high value property registrations of Rs 1 crore and above, which has increased from 51% in YTD November 2020 to 57% in YTD November 2023. Having said that, besides the strong sense of home ownership, rising income levels, stable home loan interest rates coupled with moderate rise in property prices have contributed to the cause of affordability in Mumbai, a crucial factor that will help sustain the momentum of housing sales in Mumbai.”

Ticket size wise split of property sale registrations

Registrations	Rs 1 cr and below	Rs 1 cr and above
Jan-Nov 20	49%	51%
Jan- Nov 21	46%	54%
Jan- Nov 22	46%	54%
Jan- Nov 23	43%	57%

Registrations	Rs 1 cr and below (Units)	Rs 1 cr and above (Units)
Jan-Nov 20	22,565	23,487
Jan- Nov 21	47,027	55,205
Jan- Nov 22	51,827	60,841
Jan- Nov 23	44,220	65,244

In recent years, there has been a consistent upward trend in the percentage of registrations for properties valued at Rs 1 cr or more. This proportion has risen from 51% in January to November 2020 to approximately 57% in January to November 2023.

The increase in property prices, combined with a significant 250 basis point rise in the policy repo rate during the last two years, has had a negative impact on the registration of properties below the Rs 1 crore threshold. However, registrations for properties valued at Rs 1 crore and above have shown a relatively limited impact of these changes.

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 jhumur.ghosh1@housing.com

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Anuradha Ramamirtham

With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com