Mumbai real estate update: Property registrations cross 1-lakh mark in 2023
Mumbai real estate update: Property registrations cross 1-lakh mark in 2023
In calendar year 2022, 1.22 lakh property registrations were reported in Mumbai. In 2023, there is an anticipation of a 5 percent increase in Property the number of property registrations, according to experts.
Mumbai real estate: In the first six months of calendar year 2023, 62,492 registrations were reported in Mumbai. The highest numbers were reported in March (13,151), April (10,514) and June (10,319).
Property registrations in the Mumbai real-estate market have crossed the 1-lakh mark 10 months into 2023, according to Maharashtra government data. More than 1.01 lakh property registrations have been reported in Mumbai since January 2023. Overall, in calendar year 2022, 1.22 lakh property registrations were reported in Mumbai.
Why property registrations have remained healthy?
Registrations have remained steady owing to constant upgrades from smaller apartments to bigger ones, and redevelopment projects taking off in Mumbai, after COVID-19 uptick.
Experts further attribute the healthy number of registrations to the unchanged home loan rates. Going by the trend of monthly registrations in Mumbai for calendar year 2023, the number of registrations is expected to grow anywhere around five percent, according to brokers.
Further, in April and June, property registrations went up above the 10,000- mark, owing to summer vacations when most of the homebuyers prefer to move into a new house, according to local brokers.
In the second half of 2023, monthly property registrations went above the 10,000-mark in the each month, starting July up to September. In the month of October, more than 10,000 registrations are expected. As of 10 am on October 23, 7,141 properties were registered. This takes the total number of property registrations to 101,449.
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Segment ratio
In Mumbai, out of the total monthly property registrations, 80 percent are for residential properties and 20 percent for other segments. For example, in September, more than 10,600 properties were registered. Of these, approximately 82 percent were in the residential segment while commercial and other segments constituted rest, according to Knight Frank India, a real- estate consultancy firm.
In recent years, there has been a consistent upward trend in the percentage of property registrations for properties valued at Rs 1 crore or more. This proportion has risen from 49 percent in January to September 2020 to approximately 57 percent in January to September 2023, Knight Frank India had said in its report for September 2023.
“Amidst a backdrop of robust economic growth in the country, there is a prevailing expectation among homebuyers of a stable interest rate environment. Such stability has the potential to further fortify the strength of our housing market, fostering an environment ripe with opportunities and optimism,” Shishir Baijal, Chairman and Managing Director, Knight Frank India, had said in September 2023.
