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Mumbai's property market recorded 11,565 housing registrations last week, generating INR 1,062 crore in revenue for the Maharashtra government. This marks a 17.7% year-on-year increase, compared to 9,823 registrations during the same period last year, as per government data. It is also the second-highest May figure in 12 years, after May 2022's spike due to pandemic-era stamp duty concessions. Knight Frank India reported that 80% of these registrations were for residential properties, with Mumbai's western suburbs accounting for 60% of the activity. Despite no new government incentives, stamp duty revenue rose 7% from last year's INR 992 crore. The steady rise in registrations highlights strong buyer confidence and sustained demand in the city's property market. The data indicates a positive trend for Mumbai real estate, driven by long-term investment sentiment.
Mumbai's property market demonstrated notable vigor this past week, with 11,565 housing units registered, contributing a substantial INR 1,062 crore in revenue to the Maharashtra government. Compared to the same period last year, when 9,823 units were registered, this marks an impressive 17.7% year-on-year growth, according to Maharashtra government data. Advertisement
This was the second-highest number of property registrations for the month of May over the past 12 years, surpassed only by May 2022 when the figure hit 28,867, buoyed by the stamp duty waiver implemented during the pandemic. Back then, the government had offered concessions to boost real estate activity, which significantly increased registration volumes.
According to an assessment by Knight Frank India, around 80% of the properties registered during the past week were residential. The data further revealed that the western suburbs led the residential registration activity, contributing 60% to the overall figures. Analysts at Knight Frank remarked that the consistent registration activity is a testament to robust buyer sentiment across the city.
In terms of revenue, the INR 1,062 crore collected through stamp duty represented a 7% rise compared to the same period last year, when the collection stood at INR 992 crore. This upward trend comes despite the absence of any major government incentives or rate cuts.
Mumbai's property market is clearly not just surviving-it is thriving. The consistent upswing in registration numbers, even in the absence of government incentives, reflects not only steady demand but also a shift in consumer sentiment towards long-term real estate investment.
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