Property registrations marginally up in Mumbai

Mumbai Mumbai city witnessed registration of 10,319 units in the month of June. The registration has helped the state exchequer collect over Rs 850 crore in June 2023 through stamp duty charges, pushing the half-yearly collection to over Rs 5,600 crore, reveals the data from the state’s Office of Registrations and Stamps (IGR).

This is the highest-ever revenue collected by the state government through property-related stamp duty in the first half of any year. In June 2022, the registration had touched 9,919 deals with stamp duty collection of Rs 729 crore.

In May, the city had reported 9,823 property registrations with revenue collection of Rs 833 crore.

Talking to Bizz Buzz, Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, says “The Mumbai housing sector has been buoyant for quite some time now with home buyers coming forward to purchase their desired homes. This is amply reflected in the increase in home registrations for the month of June 2023.”

We can attribute this to several factors such as rise in income levels, positive policy measures taken by the government like keeping ready reckoner (RR) rates stable which have improved market sentiments and further fuelled demand for housing. We can expect the government to continue with industry-friendly policies that will sustain housing sales, going forward, he said.

The property market in Mumbai has shown significant growth and generated substantial revenue for the state government in the first half of 2023.

Ram Naik, Director, The Guardians Real Estate Advisory, said, “The numbers indicate a positive trend in property registrations and stamp duty collections. The increase in registrations demonstrates the ongoing demand for properties in the city.”

Moreover, the cumulative stamp duty revenue for the first half of 2023 indicates a robust real estate market in Mumbai and reflects the positive economic growth and investment in the region. These numbers further highlight the sustained growth and consistent revenue generation in the real estate sector, he added.

Overall, the increase in property registrations and stamp duty collections in Mumbai is a positive sign for the city's economy and indicates a thriving real estate market. The State government can utilise this significant revenue to fund various developmental projects and infrastructure initiatives, benefiting the residents of Mumbai and the state as a whole.