Mumbai property registrations in October 2023 surge 26% YoY
Highest registration numbers for October in the past 11 years
According to Knight Frank India, the registration of properties in the Mumbai municipal region rose 26 per cent annually to 10,607 units in the month of October 2023 contributing a revenue of over Rs. 835 crores to the state exchequer. The registration of properties in October 2023 has been the highest in the past 11 years. Total 8,422 properties were registered in October last year in Mumbai city.
Of the overall registered properties in October 2023, residential units constituted 80 percent of the share, the remaining 20 percent constituted non-residential assets.
According to Anarock’s MMR Residential Market Overview – Q3 2023,
- Launches – MMR witnessed an uptick in new launches on a Y-o-Y basis but registered a dip on a Q-o-Q basis
- Sales Trend – MMR maintains top spot in residential sales in Q3 2023, surpasses the other 6 major cities
- Available Inventory – MMR’s inventory overhang declined by 4 months, both on a Q-o-Q and Y-o-Y basis
Anarock’s outlook for the MMR: With MMR’s ever-growing population and persistent urbanization, the demand for housing is expected to remain robust. Affordable housing initiatives backed by government incentives are expected to thrive, addressing the pressing need for economical housing options. The luxury segment is expected to see sustained growth, with a potential uptick, given Mumbai’s status as a magnet for high-net-worth individuals. The ongoing infrastructure development projects, such as metro expansions and improved connectivity, will continue to enhance the livability of residents of MMR. Overall, the MMR’s residential real estate sector is anticipated to be on a path of sustained growth over the coming quarters.
Here is what real estate developers have to say on these robust numbers:
Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has once again seen exceptional home sales given the ongoing festive season and positivity being witnessed in the housing sector. The government has initiated positive policy measures, this coupled with improved market sentiments, rise in aspirations and income levels has further fuelled housing demand among home buyers propelling home sales. We expect housing demand to remain strong given the rapid infrastructure growth which has improved market sentiments and fuelled housing demand.”
Rohan Khatau, Director, CCI Projects
“The Mumbai real estate market is experiencing remarkable growth, and these registration statistics serve as solid evidence of this trend. A positive sentiment among potential homebuyers is driving increased home sales. Rising income levels and the aspiration to own a home have played significant roles in motivating buyers to pursue their dream homes. Furthermore, ongoing infrastructure projects throughout the MMR region have played a crucial role in boosting home sales.”
Vivek Mohanani – MD & CEO, Ekta World
“The registration figures only prove that the Mumbai housing market is robust as prospective home buyers are actively seeking to purchase their dream homes. Mumbai is experiencing an upgrade through several infrastructure projects that are not only improving connectivity but also expanding housing opportunities to emerging areas. With the positive sentiment among home buyers on the rise, and with Diwali on the horizon, it is anticipated that home sales will achieve unprecedented levels.”
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Mumbai property registrations in October 2023 surge 26% YoY
