Property registrations in Mumbai were the second highest on record between January and July 2023 recording over 72,700 registrations. In terms of value, revenue collection was the highest at about Rs 6,500 crore during the period, according to a Moneycontrol report attributing data from Maharashtra’s Inspector General of Registrations and Stamps (IGR).
According to real estate consultancy Knight Frank India, Mumbai recorded 78,101 registrations and Rs 5,280 crore as revenue from them during the first seven months of 2022.
In its report on July 31, the realty consultant said, “The city in the first seven months of 2023 registered a total of 72,706 units, leading to a substantial revenue collection of over Rs 6,453 crore for the state exchequer. Highest compared to the same period since 2013.”
This surge in property registrations has significantly benefited the Government of Maharashtra. The rise in revenue can be credited to several contributing factors, such as the higher value of properties being registered and the increased stamp duty rate, the Knight Frank report added.
According to the Moneycontrol report, the stamp duty for purchasing property in Maharashtra is currently in the range of 5 per cent-7 per cent. The registration fee is Rs 30,000 for properties worth more than Rs 30 lakh and 1 per cent of the value of the property for homes below Rs 30 lakh.
On the real estate market, Vinay Rohira, sales head of real estate developer SD Corp, said, “Mumbai’s real estate landscape is undergoing a significant change and is supported by rapid infrastructure boosts such as the MHTL, Coastal road, and Metro project. It has hence renewed interest among homebuyers arising a need to have their own home in the city.”
He added that this positive sentiment goes along with the per-capita income growth, has driven home sales across the city, especially when it comes to luxury housing in emerging micro markets. The proportion of property registrations for properties worth Rs 1 crore or more has been steadily increasing over the last few years.
“This proportion of registrations for properties worth one crore or more has increased from 48 per cent in 2020 to around 57 per cent in 2023. As a result, this momentum will continue, and demand for premium housing will be seen during the upcoming holiday season,” said Rohira.
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