E - PAPER

CURRENT MONTH

LAST MONTH

VIEW ALL
  • HOME
  • NEWS ROOM
  • COVER STORY
  • INTERVIEWS
  • DRAWING BOARD
  • PROJECT WATCH
  • SPOTLIGHT
  • BUILDING BLOCKS
  • BRAND SYNC
  • VIDEOS
  • HAPPENINGS
  • E-MAGAZINE
  • EVENTS
search
  1. Home
  2. News/Views

Mumbai Records 10% Dip In Property Registrations

Mumbai Records 10% Dip In Property Registrations

BY Realty Plus
Published - Tuesday, 01 Aug, 2023
Mumbai Records 10% Dip In Property Registrations

Mumbai city (area under BMC jurisdiction) in July 2023 is expected to register 10,214 units, that would lead to a revenue collection of over INR 832 Crores (Cr) for the state government. 

Compared to the previous year, there was a 10% decrease in the registration numbers, however the revenue collection remained steady. Among the total registered properties, 82% were residential units, while the remaining 18% comprised of non-residential properties.

Even though property registrations in the city experienced a decline in July, the recorded figure of 10,214 units remained notably higher than the twelve-month average of 9,814 units. This indicates the ongoing strength in Mumbai's residential market and the confidence of homebuyers, even in the face of recent interest rate hikes. Such resilience can be attributed to factors like rising income levels and positive attitudes towards homeownership.

The city in the first seven months of 2023 registered a total of 72,706 units, leading to a substantial revenue collection of over INR 6,453 crore for the state exchequer. Highest compared to the same period since 2013. This surge in property registrations has significantly benefited the Government of Maharashtra. The rise in revenue can be credited to several contributing factors, such as the higher value of properties being registered and the increased stamp duty rate. 

Over the past few years, there has been a consistent upward trend in the proportion of property registrations for properties valued at INR 1 crore and higher. This share of registrations for properties worth one crore and above has risen from 48% in 2020 to approximately 57% in 2023.

The increase in property prices, combined with a notable rise of 250 basis points in interest rate during this period, has had an impact on property registrations below the INR 1 crore mark. However, registrations for properties priced at 1 crore and above have remained relatively unaffected by these changes. As a result, there has been a noticeable positive impact on the share of property registrations for properties priced above one crore, indicating a sustained demand in this higher price segment of the market.

RELATED STORY VIEW MORE

Assetz Unveils 700+ Plots in a Landmark Plotted Development
Brigade Group Acquired Strategically Located 11-Acre Land In Whitefield
Co-Living in India To Grow Threefold By 2030

TOP STORY VIEW MORE

HC Relief to WTCA on Trademark Row

WTCA expressed gratification for the High Court of Delhi recognizing that the Bhalla Group of Companies was continuing to infringe on its world-famous brands.

09 May, 2025

Beyond Chatbots: Changing Real Estate Customer Conversations

09 May, 2025

Instant, Legal Access to U.S. Property Equity Market for Indian Investors

09 May, 2025

NEWS LETTER

Subscribe for our news letter


E - PAPER


  • CURRENT MONTH

  • LAST MONTH

Subscribe To Realty+ online




Get connected with us on social networks!
ABOUT REALTY+

Started in 2004, Realty+, an exchange4media group publication is one of the most respected real estate magazines in India with offices in Delhi, Mumbai and Bengaluru.

Useful links

HOME

NEWS ROOM

COVER STORY

INTERVIEWS

DRAWING BOARD

PROJECT WATCH

SPOTLIGHT

BUILDING BLOCKS

BRAND SYNC

VIDEOS

HAPPENINGS

E-MAGAZINE

EVENTS

OTHER LINKS

TERMS AND CONDITIONS

PRIVACY-POLICY

COOKIE-POLICY

GDPR-COMPLIANCE

SITE MAP

REFUND POLICY

Contact

Mediasset Holdings 3'rd Floor, D-40, Sector-2, Noida (Uttar Pradesh), Pincode - 201301

tripti@exchange4media.com
realtyplus@exchange4media.com

+91 98200 10226


Copyright © 2024 Mediasset Holdings.
Rental Mobil bandung,Sewa Mobil Bandung, Rental bandung, Sewa Mobil, Jual Mesin Antrian, Harga Mesin Antrian, Mesin Antrian Murah, Jual KIOSK,Mesin Antri, Berita Terkini, Info Bray,Info Tempat Wisata,Portal Berita,Jasa Website