Mumbai property registration in March falls on year

03 Apr 2023 CW Team

According to state government data, the number of property registrations in Mumbai declined by more than a fourth in March compared to the same month last year, but sequential registrations increased due to increased homebuyer confidence brought on by new launches.

12,574 units had been registered at the time of writing, bringing in over 11,600 million. Mumbai has the largest share of the country's major cities' real estate markets in terms of value.

According to data analysis by real estate expert Knight Frank, this was the most money received since April 2022. The strong registration numbers coincide with a period when rising mortgage rates are taxing household budgets and growing property costs are making homes less affordable.

Demand for houses between 500 and 1,000 square feet and those between 1,000 and 2,000 square feet saw a slight increase in comparison to February.

Around 82% of the homes sold were priced under $25 million, while 17% exceeded $25 million. According to anecdotal evidence, since several approvals were delayed in February and March, the pace of launches accelerated during those months. Homebuyers are frequently drawn to newly released homes with cutting-edge features and new amenities.

Builders have contacted the state administration to express their concerns about media rumours that the state government may increase stamp duty by 1%. They worry that a rise in stamp duty at this time might harm consumer confidence.

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