Mumbai property market scales new peak with record April stamp duty collection
Mumbai, the country’s biggest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak by recording best-ever April in terms of stamp duty collection.
The stamp duty collection has recorded 16% on-year increase at Rs 1,047 crore, while the country’s commercial capital has witnessed registrations of over 11,475 property deals during the month, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
The registrations rose over 9% from a year ago making it the second highest performance for April.
The market has continued to set new records with robust sales activity backed by unwavering demand from buyers despite the challenges posed by increased mortgage rates and steady growth in property prices.
“The steadfast demand supported by positive sentiment in the backdrop of broader strength of the Indian economy continues to drive transactions. The stability in prices is rather reinforcing the optimistic outlook among prospective homebuyers. This record-setting performance underscores and shows Mumbai real estate's enduring appeal,” said Jaxay Shah, CMD, Savvy Group.
The positive outlook has led to Mumbai's property registrations consistently surpassing the 10,000-mark for the fourth consecutive month in 2024. Of the overall registered properties, residential units constitute 80%.
“The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property
