- 17% Increase in Registrations Last Month Compared to May Last Year
- 19% Growth in Stamp Duty Revenue
The Mumbai real estate sector continues its robust performance in property registrations. Compared to May 2023, registrations in May this year increased by 17%. There were 11,520 registrations this May, up from 9,823 in May 2023. Notably, 80% of these transactions were residential, indicating sustained housing demand in Mumbai. Properties between 500 to 1,000 square feet accounted for 51% of the registrations.
Both buyers and investors are driving this demand, prompting developers to launch projects that cater to the aspirations and preferences of these buyers. Leading developers are initiating projects with modern amenities and facilities in prime locations. Analysts predict that this demand will persist as new areas in the Mumbai Metropolitan Region are being developed with essential infrastructure.
Owning a home in Mumbai remains a dream for many across the country, which is why the real estate market in Mumbai remains resilient. Reports indicate that not only are first-time homebuyers increasing, but there is also a rise in individuals upgrading their homes. This trend contributed to the increase in property registrations in May, resulting in ₹992 crores in stamp duty revenue for that month alone. This is a 19% increase compared to the ₹832 crores collected in May last year.
