In an astonishing resurgence, Mumbai’s real estate market has shattered records and established new benchmarks in 2023, experiencing its most successful year since 2013, as reported by Knight Frank India.
January-December 2023: The city, under BMC jurisdiction, witnessed a remarkable 127,139 property registrations from January to December, surpassing the previous year’s peak by an impressive 4%. This surge, reported by Knight Frank India, underscores a robust market and confident homebuyers actively engaging in property transactions.
Stamp Duty Collected 2023: Knight Frank India’s findings also highlight a significant increase in the total value of stamp duty collected in 2023, reaching a 10-year high at ₹10,889 crore, reflecting a remarkable year-on-year growth of 22%. December 2023 alone contributed substantially, with over 12,487 property registrations contributing ₹952 crore to the state government’s revenues.
Buoyant Sentiment and Residential Demand: The buoyant sentiment in Mumbai’s real estate market is evident, with residential units constituting a substantial 80% of all registered properties, emphasizing a robust demand for housing. The remaining 20% comprises non-residential assets. This surge not only marks a significant milestone but also contributes substantially to the state exchequer, recording a revenue collection of ₹10,889 crore.
December 2023: December 2023 witnessed the second-highest number of property registrations in Mumbai within 11 years, surpassing the previous peak fueled by post-pandemic optimism.
Regional Trends: Central and Western suburbs emerged as the epicenter of this real estate surge, collectively constituting over 75% of total registrations. The report notes that 86% of Western suburb consumers and 84% of Central suburb consumers prefer purchasing within their micro-market. This choice is influenced by the familiarity of the location and the availability of products aligning with their pricing and feature preferences.
Increasing Property Values: Over the past few years, there has been a steady increase in the percentage of property registrations valued at ₹1 crore or higher. This percentage has climbed from 52% in 2020 to around 57% in 2023, indicating a shift towards higher-value real estate transactions
