Mumbai Achieves Decadal High Property Registrations In October
Mumbai city (area under BMC jurisdiction) in October 2023 is estimated to register 10,523 properties, contributing to a revenue of INR 831 Crores (Cr) for the state government. This shows a 25% surge in registrations and a 15% growth in revenue compared to the preceding year. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets. Mumbai continues to record consistent growth in property sales as October 2023 will mark a significant milestone for the city, achieving its most successful October month in the past 11 years, both in terms of registration numbers and government revenue. This will indicate the enduring robustness of Mumbai's residential real estate sector and the unwavering trust of property purchasers. Such resilience comes from factors like rising income levels and a positive attitude towards homeownership. The Central and Western Suburbs have experienced a surge in launches in response to strong demand. These areas offer wide range of properties, with modern amenities. Additionally, these locales are already well-connected or set to be linked through upcoming metro networks, further enhancing the attractiveness of these properties. Around 74% of Western suburb buyers and 81% of Central suburb purchasers opt to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences. In the ten months of 2023, the city achieved a registration count of 104,832 units resulting in a substantial revenue accumulation of INR 9,221 cr for the state treasury. This achievement stands as the highest within the same timeframe since 2013. This surge in property registrations has notably bolstered the Government of Maharashtra's coffers. The elevated revenue growth can be attributed to factors like registration of higher-value properties and augmented stamp duty rate.
Tags : substantial revenue Central Western Suburbs BMC registered properties property sales