by Suman Gupta
Mumbai recorded the best in 11 years the total property sale registrations in 2023. This resulted in the best year since 2013 for property sales for this region surpassing last year’s peak by 4 per cent, data compiled by real estate consultant Knight Frank India showed.
In 2023, the Mumbai city area which falls under Brihanmumbai Municipal Corporation (BMC) jurisdiction, recorded total registrations of 127,139 properties. The registration number hit a record in 2023, beating the previous high of 1,22,035 units in the previous year.
The state government collected a revenue of Rs 10,889 crore as stamp duty in 2023, up 22 per cent from the previous year.
In December, 12,487 units were registered in Mumbai city (an area under BMC jurisdiction), up 33 per cent from 9,367 units in the year-ago period.
Here is what real estate developers have to say on these robust numbers:
Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has experienced an unprecedented surge in home sales throughout the past year. This surge has been attributed to the positive market sentiments that have prevailed consistently over the year. This, along with the increased aspirations and rising income levels among potential homebuyers too has significantly fuelled the housing demand in the city. As we step into the New Year, the outlook remains optimistic where the housing demand in Mumbai will continue its upward trajectory.”
Mr. Rohan Khatau, Director, CCI Projects
“The real estate sector has witnessed a phenomenal surge in home buying, particularly in the western suburbs of Mumbai. This boom can be credited towards a growing recognition of the importance of home ownership among consumers. The improved connectivity and enhanced convenience have played a pivotal role in directing this wave of demand towards the western suburbs. The area, known for its burgeoning infrastructure and strategic location, has emerged as a hotbed for real estate activity, reflecting a broader trend in the market.”
Mr. Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL)
“The real estate market in Mumbai has reached a new zenith, particularly in home sales. This significant growth is due to a combination of compelling factors, including enticing pricing strategies, exclusive discounts, and special home loan offers that are especially tailored for the customers. Further invigorating the market is the substantial upgrade in infrastructure projects across Mumbai and the Mumbai Metropolitan Region (MMR). These enhancements have notably improved connectivity, making the suburbs an increasingly appealing choice for prospective homeowners. Notably, these locales offer attractively priced options that align well with the budgets of a diverse range of buyers. This trend is a reflection of the shifting preferences of homebuyers, who are now more inclined towards properties in the suburbs due to their affordability and improved connectivity.”
