+
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
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code