Mumbai property registrations dip in July 2023

Mumbai (area under Brihanmumbai Municipal Corporation) witnessed over 10,221 property registrations in the month of July helping generate stamp duty collection worth nearly Rs 831 crore for the state exchequer. As per data from the inspector general of registration, Maharashtra, the city had seen a stamp duty collection of Rs 829 crore on the back of registrations of 11,340 in July 2022. The number of registered units in July 2023 is marginally less than the number of units registered in the previous month (June 2023) at 10,319 units.

On an annual basis, the registrations fell short by 10 per cent compared to the units registered a year ago in July 2022. The increase in property prices, combined with a notable rise of 250 basis points (bps) in the interest rate during this period, had a severe impact on property registrations in the below Rs 1 crore segment.

Sandeep Runwal, President, NAREDCO Maharashtra, said, “The demand in the mid-income and premium segment continues to be robust. However, the steep hike in mortgage rates implemented since last year has started affecting the interest rate-sensitive affordable housing category. It would be an appropriate time to look at the cost of premiums and boost the housing sector to prevent a slowdown.”

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, said, “These figures only go on to reiterate that there is a sustained demand for housing. The government has initiated positive policy measures; this coupled with improved market sentiments and a rise in income levels has further fuelled housing demand. The housing market has been buoyant with home buyers coming forward to purchase their homes. However, the hike in mortgage rates has dented demand in the affordable housing segment. We look forward to the government's continued support that will sustain home sales, going forward.”