Mumbai property market continues record-setting spree with best-ever May
record-setting spree with the best-ever May performance driven by brisk sales activity and high demand, even amid higher mortgage rates and increasing property prices.
The country’s commercial capital witnessed more than 11,917 property registrations during the month, up 21.3% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,029 crore through stamp duty collection, up 23.5% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
“India's economic expansion and optimistic future have significantly enhanced homebuyers’ confidence in acquiring property, which has resulted in robust business activity in the industry. The sector is performing well on all key metrics including sales momentum, new developments, and price growth, and Mumbai property market undoubtedly remains the top performer,” said Deepak Goradia, CMD, Dosti Realty.
The sustained homebuyers’ confidence has helped property registrations consistently surpass the 10,000-mark for the first five months of the year. Interestingly, the market has seen consistent on-year growth in registration for ten successive months since August 2023.
“The continuous on-year property sales and registrations growth started with state government incentive and since has maintained an uptrend despite a rise in average prices. This reflects the market’s appetite, and the confidence buyers have in India’s economic fundamentals. This trend is expected to persist, bolstered by strong
