Mumbai witnesses surge in property registrations with 9,268 recorded in February 2023
Publish on : 2023-03-08 20:22:09
The latest data from the Maharashtra government's Department of Registrations and Stamps (IGR) shows that while there was a marginal increase of just over 2 percent in property registrations in Mumbai city and suburbs in January 2023, the year-on-year figures reveal a significant decline of 11 percent in February 2023.
Mumbai city and suburbs recorded a total of 9,268 property registrations in February 2023, according to data from the Maharashtra government's Department of Registrations and Stamps (IGR). This represents a slight increase of just over 2 percent compared to the previous month's figure of 9,001.
However, when comparing year-on-year data, there was a significant drop of 11 percent in February 2023, with only 9,268 property registrations compared to 10,379 in the same month the previous year. In February 2021, there were 10,172 registrations.
Despite the decline in YoY figures, the daily average property registration in February 2023 was 331 units, which still makes it the third-best February month in the last ten years, after February 2022.
According to Knight Frank India, a real estate consultancy firm, the stamp duty cut resulted in the highest average daily sale of 363 units in February 2021. In February 2022, there was an increase in property registration, with an average daily sale of 371 units due to a rush in property registrations prior to the Metro cess being levied.
However, the data is subject to reconciliation. Of the total properties registered, 82% were residential, while 18% were non-residential properties. In February 2023, Mumbai city saw property sales registration of 9,268 units, contributing over INR 1,084 crore to the state's revenues.