Mumbai city (area under BMC jurisdiction) in January 2024 is projected to witness registration of 10,901 properties, contributing to a revenue of INR 746 Crores (Cr) for the state government. This highlights a notable 21% Year-on-Year (YoY) increase in registration numbers and a 8% YoY growth in revenue compared to the previous year. Homebuyer confidence in the Mumbai market persists and the outlook remains positive. This positive outlook has led to a substantial upswing in property registrations in Mumbai. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets.
In January 2024, Mumbai witnessed its highest number of property registrations occurring in any January month in a 12-year span. The previous peak was fuelled by a surge in optimism and a spillover of pent-up demand as the effects of the pandemic gradually diminished. However, the recent increase can be attributed to rising income levels and a favourable perception towards homeownership. Concurrently, the city also recorded best January tally in terms of revenue collections in 12-years, primarily propelled by higher stamp duty rates, burgeoning property prices, and an increased share of premium properties.
In January 2024, there was an increase in the share of apartments measuring 500 sq. ft. and below, rising to 48%, as opposed to the 35% recorded in the previous year. Conversely, the share of apartments ranging from 500 sq. ft. to 1000 sq. ft. witnessed a decline, decreasing to 43% from the 48% reported during the same period last year. Nevertheless, this appears to be an isolated occurrence, as the predominant inclination of people has generally been towards larger apartments.
Of the total properties registered, Central and Western suburbs together constituted over 75% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb consumers and 85% of Central suburb consumers 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.`
