Mumbai's real estate registrations increase by nine per cent in 2022

03 Jan 2023 CW Team

During the 2022 calendar year, registration of homes in Mumbai city increased 9 per cent year over year to approximately 1.22 lakh units, the greatest number in the previous ten years, according to Knight Frank India.

As many as 1,11,913 units were registered in Mumbai's BMC region in the previous year. In 2013, there were 64,242 registered properties; in 2014, 63,636; in 2015, 67,400; in 2016, 63,255; in 2017, 68,659; in 2018, 80,746; in 2019, 67,863; and in 2020, 65,633 units. According to the consultant, 9,182 real estate sales were registered in Mumbai City (BMC region) in December 2022, bringing in over INR 8210 million to the state income. Stamp duty and registration fees brought in INR 88,870 million to the state exchequer in 2022.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, opined the residential market in Mumbai is expanding as a result of pandemic-related change in people's attitudes on property purchases as also the fact that it produces additional income and financial security. As a result, demand has persisted despite rising house loan rates, the lack of state government concessions, and increases in capital values over the past year. “Mumbai, “ Baijal added “is also much more cheap now than it was a decade ago (despite the affordability index degrading by 100 basis points), which has sufficiently offset the potential impact of the growth in prices and house loans."

On the strength of solid demand, consistent income, and positive economic growth in 2022, property registration increased without the aid of any government incentives.

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