Mumbai Sees a 12% Increase in Property Registrations from January to November
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Mumbai, Nov 30 (NationPress) The city is anticipated to achieve more than 9,419 property registrations in November, resulting in revenue exceeding Rs 826 crore for the state treasury, according to a report released on Saturday.
In November, revenue collections approached the Rs 11,000 crore milestone — marking the fastest growth seen in a decade with a remarkable 10% year-on-year increase.
Throughout the first 11 months of this year, Mumbai recorded a total of 127,987 property registrations, which represents a 12% increase compared to the same period last year.
This ongoing activity in property transactions signifies rising economic prosperity and a sustained interest in homeownership among the residents of Mumbai.
“The property market in Mumbai continues to exhibit exceptional resilience and adaptability to changing buyer preferences. The decline following the surge driven by festive activities in October is a natural market consolidation phase,” stated Shishir Baijal, Chairman and Managing Director of Knight Frank India.
Notably, the demand for premium properties and larger living spaces highlights a significant transition towards quality, value, and long-term investment in Mumbai’s vibrant real estate sector, he further noted.
Properties valued at Rs 2 crore and above constitute over 23% of the property registrations, an increase from 17% previously.
This segment accounted for 2,147 properties. Conversely, the proportion of properties valued below Rs 50 lakh plummeted from 28% in November 2023 to 20% this month.
In comparison to November of the previous year, property registrations experienced a slight decline of 3%, while stamp duty collections surged by 16% year-on-year, attributed to a notable increase in high-value transactions, as per the report by Knight Frank India.
On a month-to-month basis, property registrations saw a 27% decline, with revenue collections dropping by 31%.
