The country’s financial capital Mumbai (area under Brihanmumbai Municipal Corporation) witnessed around 10,990 property registrations in the month of August 2023, the highest in 10 years, helping generate stamp duty collection worth nearly Rs 810 crore for the state exchequer. In comparison, in August 2022, there were 8,552 units registered, a hike of 28% this year in August 2023.
Of the total registered properties in August 2023, residential units constituted 80 per cent, while the remaining 20 per cent was non-residential assets.
Here is what real estate experts have to say:
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market is riding on a wave of strong housing demand. The excellent sale registrations have only once again proven; the realization among home buyers on the need to own a home of their own. This along with strong infrastructure growth has propelled housing demand. The government has initiated positive policy measures, this coupled with improved market sentiments and rise in income levels has further fuelled housing demand for larger homes. We look forward to the government’s continued support as we wait in anticipation for the approaching festive season, which will hopefully give a further boost and help sustain home sales, going forward.”
Mr. Rohan Khatau, Director, CCI Projects
“The Mumbai housing sector is doing phenomenally well and these registration figures only bear testimony to that fact. There is a positive home buyer sentiment which is propelling home sales. Increase in income levels and the desire to own a home have all contributed to home buyers coming forward to buy their dream homes. Ongoing infra projects across the MMR region also have been instrumental in driving home sales.”
Mr. Vivek Mohanani – MD & CEO, Ekta World
“The registration figures only prove that the Mumbai housing market is robust with home buyers coming forward to buy their desired home. Mumbai is upgrading with a slew of infrastructure projects that are enhancing connectivity whilst bringing newer areas into the housing fold. With improved home buyer sentiments coupled with the approaching festive season, we can expect home sales to reach a new high.”