Mumbai, the country’s biggest and most expensive property market, has continued its record-setting spree to surpass all the benchmarks and scaling a new all-time high in 2023 with its best annual performance ever despite higher interest rates and rising property prices.
The country’s commercial capital has achieved a new peak in terms of both, registration of properties as well as state exchequer’s revenue collection through stamp duty charges.
The maximum city has recorded total registrations of over 1.27 lakh real estate properties in 2023, making it the best year for property sales across primary and secondary market, exceeding last year’s peak by 4%. Total revenue collected through stamp duty rose 22% in 2023 to over Rs 10,850 crores, showed data from the inspector general of registration, Maharashtra.
“The year 2023 witnessed a remarkable upswing for Mumbai’s real estate market as the city achieved its highest property registrations, driven by rising income levels, better affordability, and a positive homeownership outlook. Supported by stable interest rates and an increasing preference for bigger and better homes, homebuyer confidence continues to fuel Mumbai’s real estate momentum,” said Shishir Baijal, CMD, Knight Frank India.
Buoyed by a stable demand and a heightened positive sentiment, homebuyers have sustained their confidence in the property market. This positive outlook has led to a substantial upswing in property registrations across the city.
“Macro-economic indicators have remained healthy across India in 2023 with the economy growing at a faster than expected rate in the July-September quarter. We strongly believe that real estate and the volume of registrations that we’ve witnessed, have played a huge part in this,” said Boman Irani,