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

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

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

India’s Global CE Connect

India’s construction equipment industry is entering a phase where scale is increasingly being matched by productivity, technology, localisation and lifecycle economics. Against this backdrop, bauma ConExpo India 2026, scheduled for September 15-18 at the India Expo Centre, Greater Noida, will bring the global and Indian construction machinery ecosystem together.The eighth edition is expected to be the largest yet, with the exhibition sold out across around 1.45 million sq ft. More than 1,100 exhibitors from over 100 countries are expected to participate, with visitor numbers projected to exc..

Next Story
Real Estate

Orris, Godrej Properties Settle Dispute Over Gurugram Project

Orris Infrastructure and Godrej Properties Limited have reached an amicable settlement over matters related to the jointly developed Godrej Air project in Gurugram, bringing an end to the dispute between the two companies.The Bombay High Court, while hearing a petition filed by Orris Infrastructure, ordered the immediate and unconditional release of Orris Managing Director Amit Gupta on August 25, 2026, after being informed about the settlement agreement between the parties.A single-judge bench led by Justice Milind N. Jadhav noted that in view of the settlement agreement signed by both compan..

Next Story
Infrastructure Urban

Panasonic Launches Second Cycle of Startup Co-Creation Programme

Panasonic Life Solutions India (PLSIND), through its IGNITION Open Innovation platform, has announced the second cycle of Co.lab Studio, a startup collaboration initiative focused on developing scalable digital services and solutions.The new cycle will focus on Safety & Security and Daily Living solutions for communities by leveraging Panasonic’s AI and IoT-enabled connected living platform, MirAIe. The programme aims to help startups move from innovation concepts to pilot deployments, platform integrations and commercialisation-ready solutions.The first cycle of Co.lab Studio received 1..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code