Mumbai: According to a report on Saturday, the city of Mumbai is projected to record over 9,419 property registrations in November, generating more than Rs 826 crore in revenue for the state exchequer.

Revenue collections inched close to the 11,000 crore milestone in November — the fastest growth in a decade — with a 10 per cent rise (YoY).

Mumbai recorded 127,987 property registrations in the 11 months this year, a 12 percent increase from the previous year.

This sustained activity in property transactions reflects increasing economic prosperity and continued sentiment toward homeownership among Mumbai’s residents.

“Mumbai’s property market continues to demonstrate remarkable resilience and adaptability to evolving buyer preferences. The sequential dip following the festive-driven surge in October reflects a natural phase of market consolidation,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

He added that the increasing demand for premium properties and larger living spaces underscores a decisive shift towards quality, value, and long-term investment in Mumbai’s ever-dynamic real estate landscape.

Higher-value properties worth Rs 2 crore and above account for over 23 percent of the property registrations, up from 17 percent earlier.

Transactions in this segment totalled 2,147 properties. Meanwhile, the share of properties valued at less than Rs 50 lakh dropped sharply, falling from 28 percent in November 2023 to 20 percent this month.

According to the report by Knight Frank India, property registrations noted a modest decline of 3 percent compared to November last year, while stamp duty collections increased by 16 percent year-on-year, driven by a notable rise in high-value transactions.

Property registrations declined 27 percent sequentially (month-on-month), and revenue collections decreased 31 percent.

 

 

 

 

 

 

 

 

–IANS