According to Knight Frank India, property sales registrations in Mumbai city (area under BMC authority) totaled 9,268 units in February 2023, contributing about Rs 1,084 crore to state income. 82% of the total properties registered were residential, while 18% were non-residential.
In-depth details about Residents book 331 flats per day by pay over Rs 1000 crore stamp duty in Mumbai
In February, the city also had the highest daily average revenue collection of Rs 39 crore. According to the report, total income collection climbed by 76% year on year in 2023, making it the best-performing February month in the prior ten years.
Property sales in Mumbai have remained strong despite rising interest rates, which have made home purchases more expensive. After February 2022, the daily average property registration in February 2023 was 331 units, making it the third-best February month in the last 10 years.
According to Knight Frank India, the benefits of the stamp duty reduction resulted in the highest average daily sale of 363 units in February 2021, with an increase in property registration with an average daily sale of 371 units in February 2022 due to a rush in property registrations prior to the Metro cess being levied.
“The state exchequer made significant money from property registration due to an increase in the average value of properties registered in February 2023,” according to the report. The average value of properties registered this month was Rs 1.9 crore, which is 65% higher than the average value of properties registered in February 2022, which was Rs 1.18 crore. Aside from the increase in value, the contribution from the Metro Cess has also increased revenues. This resulted in a decadal high revenue collection of Rs 39 Cr per day for the month of February. This reflects the buoyancy in the mid and high-end category, which remains strong despite headwinds,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
Apartments measuring 500 square feet (sq. ft.) to 1,000 sqft. were purchasers’ preferred size in February 2023, accounting for 45% of all apartments.
Apartments with less than 500 square feet had their market share fall from 35% in January 2023 to 34% in February 2023. The percentage of areas greater than 1,000 square feet taken up increased from 17% in January 2023 to 21% in February 2023.
According to Knight Frank India, flats for Rs 2.5 crore or less accounted for 87% of sales in February 2023, while units worth Rs 2.5 crore or more accounted for 13% of sales.
The spending pattern of homebuyers on housing stays consistent in February 2023, with INR 2.5 Cr and below accounting for 87% of all homes registered, while INR 2.5 Cr and above account for 13% of all properties registered.