Property sale registrations touch decadal high in Nov 2023 | Mumbai news - Hindustan Times
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Property sale registrations touch decadal high in Nov 2023

Dec 02, 2023 05:26 PM IST

Annual property registrations in Mumbai reached a record high of 1.14 lakh registrations in the first 11 months of 2023, the highest in a decade, according to a report by Knight Frank India. Stamp duty revenues also increased, indicating a growing demand for bigger and better homes. However, there was a dip in both registrations and revenues in November 2023 compared to the previous month. Central and Western suburbs accounted for over 75% of the total properties registered. The report predicts a further surge in prime residential prices in 2024 due to robust housing demand and economic expansion.

Mumbai: The uptick in real estate sales and registrations touched a new record in annual property registrations in Mumbai with 1.14 lakh registrations registered in first 11 months, the highest in a decade, an assessment from international property consultants Knight Frank India said on Thursday.

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2013 recorded annual property sale registrations of 57,460 units and stamp duty revenues of 3,268 crore over 12 months. The figure crossed one lakh registrations annually for the first time in the post-Covid recovery phase in 2021, an astonishing 122% year on year growth, as the need for bigger and better homes struck a chord with the end users.

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The calendar year 2022 clocked 1,12,668 units, a 10% rise year on year, while in 11 months till November, the registrations have touched an estimated 1,14,464. The stamp duty revenues also jumped from 5,352 crore in 2021 to 8,066 crore in 2022, and 9,922 crore by November 2023, indicating that it will cross 10,000 crore for the first time ever.

However, month on month, November 2023 witnessed a dip in both registrations and the revenues. Despite the momentum of festive season, the month witnessed property sale registrations of around 9,548 units in Mumbai city compared to 10,607 units in October. The stamp duty revenues also dipped from 835 crore last month to 697 crore this month.

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.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Following a notable 6.5% YoY increase in prime property prices during Q3 2023, Mumbai is anticipated to witness a 5.5% upsurge in prime residential prices in 2024. This surge is primarily attributed to robust housing demand and economic expansion.”

He said, “Besides the strong sense on home ownership, rising income levels, stable home loan interest rates coupled with moderate rise in property prices have contributed to the cause of affordability in Mumbai, a crucial factor that will help sustain the momentum of housing sales in Mumbai.”

Reacting to the Knight Frank report, Lucy Roychoudhury, Head of Sales, Marketing, and CRM of Runwal Group said, “The latest government data reveals that over 9500 homes were sold in Mumbai in November 2023, showing a remarkable year-on-year increase of over 20% in registrations. This is positive news for the real estate sector, indicating a growing interest in homes in the city. Several factors contribute to this upward trend. Firstly, due to the pause in interest rate hikes, real estate developers have offered various incentives and schemes to attract first-time buyers. Additionally, there’s a heightened demand for both premium and mid-end categories, particularly in emerging micro-markets like the Kanjurmarg, Vikhroli, Mulund and Dombivli.”

Dhaval Ajmera, Director, Ajmera Realty and Infra India Ltd said, “This is the highest number of registrations recorded during November in the last five years, showcasing a well-sustained growth in demand for housing in Mumbai MMR. Along with the strong domestic economic macros and no immediate change in the repo rate, this growth is primarily attributed to the connectivity boost, leading to the strengthening of housing demand in newer micro-markets in the suburbs.” He said with redevelopment and upcoming infrastructural projects serving as growth propellers for the housing segment, this sentiment is expected to further strengthen, creating new opportunities for branded developers to explore.

Pankaj Narang, Founder & Director, Blitzkrieg Co said the booming Indian real estate has withstood the impact of external factors like war and oil prices. “Every sector, including the manufacturing sector, has shown immense growth. We interact daily with our customers and witness a strong need to buy or upgrade homes. There is a constant surge in walk-ins across the MMR market, mainly driven by consumer confidence, economic growth, and the value offerings of our developer partners. This uptrend is indicative of a deeper connection between market dynamics, economic sentiments, and the evolving expectations of property buyers. The robust growth is a testament to the real estate sector’s adaptability and its ability to align with the changing needs and aspirations of tttthe investors,” he said.

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