Mumbai clocks property sales of 10,214 units in July

The revenue from stamp duty also dipped by three per cent from ₹859 crore in June 2022 to ₹832 crore this month. The share of properties priced above ₹1 crore was on the rise in the first seven months, the report said.

Mumbai: Mumbai is expected to log property sales of 10,214 units, marginally less than 10,319 units sold in June, but 10% less than 11,340 units sold in July 2022. The revenue from stamp duty also dipped by three per cent from ₹859 crore in June 2022 to ₹832 crore this month, an assessment by internationa property consultants Knight Frank India.

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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 higher than the 12-month average of 9,814 units.

The report pointed out that the share of properties priced above ₹1 crore was on the rise in the first seven months. The Knight Frank analysis showed that the percentage of properties sold in the ticket prices of less than ₹1 crore declined from 51% in January-July 2020, 46.9% during Jan-Juy 2021, 46.5% in Jan-July 2022, and 43.5% in Jan-July 2023. Comparatively, the the sale of higher value properties rose from 47.9% in Jan-July 2020 to top at 56.5% in Jan-July 2023.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, “The demand in Mumbai’s residential market continues in the face of various challenges as consumers display enthusiasm for homeownership. Notably, there has been a considerable increase in share of properties priced at INR 1 crore and above. This can be attributed partly to the growing preference for larger homes and the rise in property prices. Additionally, the relatively better affordability of higher segment consumers has also contributed to this trend.”

Reacting to the sales data, Cyrus Mody, Founder and CEO, Viceroy Properties, said “The real estate landscape is undergoing a massive transformation in Mumbai. This is backed by the rapid infrastructure boost and renewed interest among the common people, the need as well as pride to have their own homes. This sentiment, along with the growth in per capita income, is driving the rise in home sales, especially when it comes to luxury housing in emerging micro markets. This momentum is here to stay and will witness a robust rise in the demand for premium houing during the upcoming festive season as well.”