In April 2024, 11,504 units in Mumbai City (which is under BMC authority) are anticipated to be registered as real estate, bringing in an additional Rs 1,043 crore for the state coffers. The revenue from property registrations has increased annually by 16 percent as compared to the same period last year. Homebuyers’ persistent faith in the Mumbai market has kept things looking good. Mumbai’s property registrations have surpassed 10,000 for four months running in 2024 thanks to this optimism. Eighty percent of all registered properties are residential units.
April 2024 saw the second-largest number of property registrations in Mumbai in more than a decade, combined with the greatest April stamp duty collection during that period. This increase is explained by rising incomes and a favorable view of homeownership. “The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April,” says Shishir Baijal, chairman and MD of Knight Frank India. April saw a 9% increase in property registrations over the same month last year, indicating the market’s appeal to prospective purchasers. It is anticipated that the strong economic growth and steady interest rates will continue to fuel this positive trend.
Source: Times Property
