Mumbai News: After 6 Months Of Dip, Property Sales Sees An Uptick

Mumbai: Property registrations within the Greater Mumbai limits witnessed an uptick in August, marking the second best month in 2023 and 27.47% increase in August, year-on-year (YoY). The growth has come after six months of a YoY declining trend.

In August 2022, a total of 8,552 agreements for sale were registered in Mumbai as against 10,902 this August, marking a 27.47% increase. From these almost 11,000 registrations, the Maharashtra government earned a revenue of over Rs 810 crore, showed data from the Department of Registration and Stamps.

Composition of Registered Properties

Of the overall registered properties within the Greater Mumbai limits, residential units constitute around 80%, while the remaining 20% are non-residential real estate assets.

A quick assessment of new unit launches in Mumbai for the period of April to June 2023 indicates that properties ranging from 500 - 1,000 sq. ft. dominated with the highest share of 51%. However, this has declined from 61% in April to June 2022.

Shift in Property Size Preferences

“Properties sized less than 500 sq. ft., accounted for an additional 35% of total launches in April to June 2023, a significant rise from 27% in April to June 2022. This trend indicates that with the rise in property prices, homebuyers are now again looking for smaller units to manage their overall budget,” said Anuj Puri, Chairman, Anarock Group, while adding, “Analysing the new unit launches in Mumbai for the period of April to June this year, it was evident that the Rs 80 lakh to Rs 1.5 crore segment saw the highest activity, constituting 43% of the total launches. This segment’s share has increased rapidly from 36% in April - June 2022 period.”

According to real estate analysts, the increase in property sales is expected to continue, in the entire Mumbai Metropolitan Region, in the months to follow owing to festive season hereon.