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10,550 property sale registrations in August, highest in 10 years
The Maharashtra Inspector General of Registrations and Stamps collected a revenue of ₹790 crore from the registrations. Share of property registrations priced at ₹1 cr and above stood at 57% during Jan-August 2023 as compared to 48% in Jan-August 2020, the report said
Mumbai: The city witnessed approximately 10,550 property sale registrations in August, making it the highest sales recorded in the last 10 years, in August. According to an estimation by international property consultants Knight Frank India, this is the third consecutive month in this current financial year where the registrations crossed 10,000 units.
In August 2013, the market registered a sale of 4,779 units. In August 2023, around 10,550 units were registered, making it the highest sales recorded in the last 10 years.
August saw a hike of 3% in property registrations as 10,221 units were registered in July. In comparison to August 2022, where 8,552 units were registered, there is a hike of 23% this year in August.
During the Covid-19 recovery phase, the market logged its lowest figure of 2,642 property registrations, which increased to 6,784 in August 2021 to 8,552 in August 2022, showing a remarkable recovery.
The Maharashtra Inspector General of Registrations and Stamps collected a revenue of ₹790 crore from the registrations. Share of property registrations priced at ₹1 cr and above stood at 57% during Jan-August 2023 as compared to 48% in Jan-August 2020, the report said.
“Mumbai’s residential market continues to remain strong as aspiring homebuyers embrace the trend. Remarkably, the share of registration of properties valued at ₹1 crore and above continues to rise, led by a surge in property prices and increasing preference among home buyers for more spacious accommodation. Overall, the housing market of the city continues to show a positive outlook, bolstered by ongoing consumer demand,” Shishir Baijal, chairman and managing director, Knight Frank India, said.
Registrations crossing the 10k mark showcase the confidence of homebuyers in the city towards residential asset class, and the festival demands in the upcoming months will further grow sales, Dhaval Ajmera, Director, Ajmera Realty & Infra India Limited, said.
“The interest of homebuyers in residential real estate is propelled by the dual effect of the need to upgrade to a bigger and better living space and focused impetus on infrastructural developments across the city,” Ajmera said.
Dominic Romell, president, Credai MCHI, representing 1,800 developers in MMR, said that the data is a a testament to the market’s resilience, as it continues to thrive despite increasing interest rates and inflation. “Mumbai’s real estate market remains forward-thinking and robust. Its relative value, investment in infrastructure, and the ongoing social and cultural influx are the demand. The implementation of RERA further enhances transparency in the MMR real estate, which is steadily evolving with each passing quarter,” said Romell.
