Mumbai real estate hits 11-year high with December property registrations: Knight Frank Report
Mumbai, within the BMC jurisdiction, witnessed a notable surge in real estate activity with a total of 127,139 property registrations recorded from January to December in 2023. According to an official release by Knight Frank India, this marked the successful year for property sales (both primary and secondary) in the region since 2013, surpassing the previous year's peak by 4%.
The total value of stamp duty collected in 2023 reached a new 10-year high at INR 10,889 Crores, reflecting a substantial year-on-year growth of 22%. December 2023 alone saw 12,487 property registrations, contributing INR 952 Crores to the state government revenues, the release stated.
Also Read: Why everyone wants a slice of Mumbai realty Shishir Baijal, chairman and managing director of Knight Frank India, said, “The year 2023 witnessed a remarkable upswing for the city’s real estate market as the city achieved its highest property registrations in 11 years, driven by rising income levels, better affordability, and a positive homeownership outlook." Meanwhile, the year-on-year increase in registrations was 33%, while the revenue from stamp duty showed a 14% rise compared to the preceding year. Homebuyers in Mumbai continue to exhibit confidence in the property market, driven by sustained demand and an improved positive sentiment.
He further noted, “Notably, a 57% increase in share of high-value property registrations attests to the robustness of the market. Supported by stable interest rate and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai's real estate momentum." Also Read: Mumbai's property registration witnesses best November in 11 years: Knight Frank Report This outlook has translated
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