Mumbai Property Registration Hits Record High in 2023: Report

New Delhi, Dec 31 (PTI) Property registration in the Mumbai municipal area increased 4 per cent year-on-year to an all-time high of 1,26,907 units in 2023 on the back of better demand, according to Knight Frank.

The registration number hit a record in 2023, beating the previous high of 1,22,035 units in the previous year, real estate consultant Knight Frank India data showed.

The state government collected a revenue of Rs 10,869 crore as stamp duty in 2023, up 22 per cent from the previous year.

In December, 12,255 units were registered in Mumbai city (an area under BMC jurisdiction), up 31 per cent from 9,367 units in the year-ago period.

Knight Frank has compiled the data on the registration of properties from the Department of Registrations and Stamps, Maharashtra government. The data includes sales in primary (fresh) and secondary (re-sale) markets.

Of the overall registered properties, residential units constitute 80 per cent.

Knight Frank CMD Shishir Baijal said the demand has been driven by rising income levels, better affordability and a positive homeownership outlook.

"Notably, a 57 per cent increase in the share of high-value property registrations attests to the robustness of the market," he said.

Supported by stable interest rates and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai's real estate momentum, Baijal said.

Akhil Saraf, founder of Proptech startup Reloy, said, "People have understood that real estate is the safest asset class along with gold. Gold has liquidity, but real estate has utility".

Economies around the world have collapsed, but the houses people own over there are safe, he added.

"With prices and rent both increasing in Indian housing, all the hubris around 'rent vs buy' has been laid to rest," said Saraf, whose firm helps builders in generating referral sales.