+
Mumbai property registration in March falls on year
Real Estate

Mumbai property registration in March falls on year

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.

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.

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?