Mumbai city (area under BMC jurisdiction) in March 2024 recorded registration of 14,411 properties, contributing to a revenue of INR 1,143 Crores (Cr) for the state government. Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis.
The decline in stamp duty collections is attributed to extraordinarily elevated stamp duty collections last year following the central government's decision, to limit tax deductions on capital gains earned from the sale of residential property after March 31, 2023. On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.
Homebuyer confidence in Mumbai remains strong while the outlook remains positive leading to a substantial upswing in property sale registrations. Of the overall registered properties, residential units constitute 80%.
Of the total properties registered, Central and Western suburbs together constituted over 73% 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 92% 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.
