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Mumbai city (area under BMC jurisdiction) in August 2023 is estimated to witness registration of 10,550 properties, contributing to a revenue influx of INR 790 Crores (Cr) for the state government. This showcases a 23% surge in registrations and revenue compared to the preceding year. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets.

Table: Mumbai property sale registrations and government revenue collection

Table: Best August in last 10-years (2013-2023)

August 2023 marked a significant milestone for the city, achieving its most successful August month in the past decade in terms of both registration numbers and revenue generated. This indicates the enduring robustness of Mumbai's residential real estate sector and the unwavering trust of property purchasers, despite the uptick in interest rates and property prices. Such resilience can be attributed to factors like rising income levels and positive attitudes towards homeownership.

Table: Preferred location of Property purchase – August 2023

The Central and Western Suburbs have experienced a surge in launches in response to strong demand. These areas offer excellent value, with modern amenities provided in most new developments. Additionally, these locales are already well-connected or are set to be linked through upcoming metro networks, further enhancing the attractiveness of these properties.

Remarkably, the Central and Western Suburbs have shown a pronounced inclination for buyers to upgrade within their own micro markets. Around 75% of Western suburb buyers and 84% of Central suburb purchasers opt to invest within their familiar micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.

Table: Mumbai property sale registrations and government revenue collection

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