Mumbai property market scales new peak, records best September performance ever
September performance in terms of property registrations and stamp duty revenue collections, as robust demand boosted sales momentum despite higher mortgage rates and real estate prices.
The country’s largest and most expensive realty market saw registration of over 10,602 properties during the month, up 23% from a year ago, while revenue collection through stamp duty charges rose 53% on-year to contribute over Rs 1,124 crore to the state’s exchequer, showed data from Maharashtra’s inspector general of registration.
Real estate developers and industry experts are of the view that the momentum in property sales will continue in the upcoming festive season.
«The robust response from homebuyers during the month of Ganesh Utsav indicates the positive sentiments towards home ownership despite higher mortgage rates,” said Sandeep Runwal, president, NAREDCO Maharashtra and MD at Runwal Developers. “Based on the current enquiry levels, we can certainly see a strong sales momentum in the upcoming festive season starting with Navratri.»
Of the total properties registered in the month, 82% were residential apartments while commercial and other segments constituted the remaining 18%.
«The Mumbai residential market continues to display remarkable resilience, consistently surpassing the 10,000-property mark,” said Shishir Baijal, CMD, Knight Frank India.
“In fact, for the first nine months of 2023, we have observed a monthly average of 10,433 property transactions. The growing prominence of properties valued at INR 1 crore and above indicates a shift in preference towards more spacious and upscale accommodations, mirroring the upward trajectory of property prices.”
According to him, amidst a backdrop of strong economic growth in
