8,694 property sales were registered in Mumbai city (the area is under BMC authority) in January 2023, adding more than Rs 658 million to state income.
There was a 7% increase in property registrations in Mumbai city this month compared to the same period last year, totalling 8,694 units. 8,694 property sales were registered in Mumbai city (the area is under BMC authority) in January 2023, according to property expert Knight Frank India, adding more than Rs 658 million to state income. By midday, the number of registrations will have somewhat increased.
84% of the overall properties recorded were residential homes, while only 16% were non-residential.
In contrast to December, when 9,367 units of the property were registered, the number of registrations in January decreased by 7%.
Despite significant obstacles, consumer propensity for home ownership has fuelled residential property selling in Mumbai.
Also, despite rising mortgage interest rates, the lack of state government incentives, and increases in real estate prices over the previous year, demand has remained strong.
The Maharashtra government is still a big winner from demand. Although the repo rate is probably going up soon, Baijal predicted that the favourable demand mentality will mostly remain unchanged because of the bright outlook for Indian economic growth.
The Maharashtra government is still a big winner from demand. Although the repo rate is probably going up soon, Baijal predicted that the favourable demand mentality will mostly remain unchanged because of the bright outlook for Indian economic growth.
On account of higher demand, the number of properties registered in Mumbai city increased 9% year over year in 2022 to 1,22,035 units, the greatest number in the previous ten years.
In the 2021 calendar year, 1,11,913 units were registered.
In 2013, there were 64,242 registered properties; in 2014, 63,636; in 2015, 67,400; in 2016, 63,255; in 2017, 68,659; in 2018, 80,746; in 2019, 67,863; and in 2020, 65,633 units.
