Mumbai property market record performance spree continues in March
record-setting momentum, marking its second-best March performance ever, led by brisk sales activity and robust demand despite higher mortgage rates and escalating property prices.
The significance of performance is underscored by its second-place ranking, closely following March 2021, when the market received substantial support through a halving of stamp duty rates, intended to bolster business activity in the backdrop of the COVID-19 pandemic.
The country’s commercial capital has witnessed the registration of over 14,145 properties during the month, up 7.5% from a year ago. Revenue collection through stamp duty charges, however, declined 8.1% to Rs 1,125 crore, according to data from the inspector general of registration in Maharashtra.
The decline in revenue collection is attributed to the extraordinarily elevated stamp duty collections last year following the government's decision to limit tax deductions on capital gains earned from the sale of residential property after March 31, 2023.
“The Mumbai housing market has continued to perform exceptionally well in March 2024. The consistent increase in property sale registrations during the month highlights the market's attractiveness among homebuyers,” said Shishir Baijal, CMD, Knight Frank India.
On a month-on-month basis, total registration and stamp duty collections in March increased by 18% and 27%, respectively.
“The steady growth in the Indian economy has been driving homebuyers’ interest in the property market. The buoyancy is reflected in a healthy
