+
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
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code