Highest revenue collection of INR 1143 cr from property registrations in Mumbai since April 2022: Knight Frank India
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* Records revenue collection of INR 37 cr per day from property registrations in March 2023
* Mumbai registers 12,421 properties in March 2023, a 28% MoM growth and best in this fiscal year
* Home registrations contributed 84% of property registrations in March 2023
Mumbai city (area under BMC jurisdiction) saw property sales registration of 12,421 units in March 2023, contributing over INR 1,143 Crores (Cr) to the state revenues. Of the total properties registered, 84% were residential while 16% were non-residential properties. With a revenue collection of INR 1,143 Cr in March 2023, Mumbai registered its highest revenue collection since April 2022.
Table: Mumbai records highest registrations and revenue collection since April 2022
While rising mortgage rates stretched house purchase affordability, property sales in Mumbai remained buoyant due to robust consumer sentiment for home ownership. The daily average property registration in March 2023 was 401 units, making it the third-best March month in the last ten years after March 2021. The benefits of the stamp duty cut resulted in the highest average daily sale of 572 units in March 2021, while March 2022 saw an increase in property registration with an average daily sale of 540 units due to a rush in property registrations prior to the Metro cess being levied. March in this financial year too will be the best month albeit driven primarily by homebuyer enthusiasm.
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