Mumbai property registrations jump 9% in 2022 — highest in 10 years

Registration of properties in Mumbai city increased 9 percent year over year to approximately 1.22 lakh units during the 2022 calendar year, the highest figure in the previous ten years, according to real estate consultant Knight Frank India.

As per statistics gathered by the firm, as of Friday at 2:20 PM, the registration of properties in Mumbai city (BMC area) stood at 1,21,850 units during this calendar year.

During the last year, as many as 1,11,913 units were registered.

Residential properties accounted for 86 percent of all registered properties in 2022.

The data pertains to transactions in both the main (fresh sales) and secondary (resale) markets of all different kinds of assets, including residential, commercial, and other sorts.

Registration of properties stood at 64,242 units in 2013; 63,636 units in 2014; 67,400 units in 2015; 63,255 units in 2016; 68,659 units in 2017; 80,746 units in 2018; 67,863 units in 2019; and 65,633 units in 2020.

The consultant reported that 9,182 real estate transactions in Mumbai City (BMC region) were registered in December 2022, generating approximately Rs 821 crore in state income.

The state exchequer generated Rs 8,887 crore in income from registration fees and stamp duty in 2022.

"Post-COVID, the need for house ownership has driven property sales in Mumbai city. This is evident from 2022 that emerged as a second consecutive year recording property registrations over 1 lakh units after 2021. Thus, making 2022 the year with highest annual property sale registrations in the last decade," Knight Frank said.

On the strength of solid demand, consistent income, and favourable economic development in 2022, property registration increased without the aid of any government incentives.

Shishir Baijal, Chairman and Managing Director of Knight Frank India said, "Mumbai’s residential market is in a growth mode due to two factors. Firstly, the changed attitude towards home purchases since the pandemic, which has continued and secondly, economic growth leading to incremental income and financial stability."

"Thus, despite higher home loan rates, no sops from the state government or rise in capital values over the last year, demand has remained strong. Mumbai is also a lot more affordable today (despite the deterioration in affordability index by 100 basis points) than it was a decade ago, which has adequately negated the possible impact of the rise in prices and home loans," he added.

Major real estate developers in the primary real estate market of the Mumbai Metropolitan Region include Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, Mahindra Lifespace Developers, Piramal Realty, Indiabulls Real Estate, D B Realty, Sunteck Realty, Rustomjee group, K Raheja group, and Runwal Group.

Additionally, both Bengaluru-based companies, Puravankara Ltd. and Prestige Estates, have also expanded into the Mumbai market.