Mumbai recorded property registration of 12,421 units in March 2023, contributing over Rs 1,143 crore to the state revenue, show a report by property brokerage firm Knight Frank India, citing official data. This is Mumbai’s highest revenue collection since April 2022. Of the total properties registered, 84% were residential while 16% were non-residential properties.
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Property registrations in Mumbai since April 2022
| Period | Registration (Units) | YoY | MoM | Revenue (INR cr) | YoY | MoM |
| Apr-22 | 11,743 | 16% | -30% | 738 | 43% | -36% |
| May-22 | 9,839 | 84% | -16% | 727 | 171% | -2% |
| Jun-22 | 9,919 | 26% | 1% | 734 | 75% | 1% |
| Jul-22 | 11,340 | 15% | 14% | 829 | 46% | 13% |
| Aug-22 | 8,552 | 26% | -25% | 644 | 53% | -22% |
| Sep-22 | 8,628 | 11% | 1% | 734 | 39% | 14% |
| Oct-22 | 8,422 | -2% | -2% | 724 | 32% | -1% |
| Nov-22 | 8,965 | 18% | 6% | 684 | 24% | -6% |
| Dec-22 | 9,367 | -3% | 4% | 835 | 10% | 22% |
| Jan-23 | 9,001 | 10% | -4% | 692 | 45% | -17% |
| Feb-23 | 9,684 | -7% | 8% | 1,112 | 81% | 61% |
| Mar-23 | 12,421 | -26% | 28% | 1,143 | -1% | 3% |
“While rising mortgage rates stretched house purchase affordability, property sales in Mumbai remained buoyant due to robust consumer sentiment for home ownership. The daily average property registration in March 2023 was 401 units, making it the third-best March month in the last 10 years after March 2021. The benefits of the stamp duty cut resulted in the highest average daily sale of 572 units in March 2021, while March 2022 saw an increase in property registration with an average daily sale of 540 units due to a rush in property registrations prior to the Metro cess being levied. March in this financial year, too, will be the best month albeit driven primarily by homebuyer enthusiasm,” Knight Frank said in its report.
March month sales registration and MoM change- 2013-2023
| Month-wise | Sales registration | MoM change | YoY change |
| Mar-13 | 6,876 | 42% | NA |
| Mar-14 | 5,652 | 17% | -18% |
| Mar-15 | 6,208 | 25% | 10% |
| Mar-16 | 5,705 | 10% | -8% |
| Mar-17 | 6,746 | 84% | 18% |
| Mar-18 | 8,867 | 34% | 31% |
| Mar-19 | 6,617 | 24% | -25% |
| Mar-20 | 3,798 | -36% | -43% |
| Mar-21 | 17,728 | 74% | 367% |
| Mar-22 | 16,726 | 61% | -6% |
| Mar-23 | 12,421 | 28% | -26% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
“Despite the fifth repo rate hike of 25 basis points in February 2023, which takes the cumulative increase to 250 basis points since May 2022, buyers have continued to commit to purchase of residential property and the same is reflected in the numbers,” the report added.
“Notwithstanding the recent interest rate increases, the strength of Mumbai property market was on display in March. The market saw an increase in property registrations as it recorded its highest registrations for Fiscal Year 2023 in March 2023, driven by the resolute homebuyer desire for ownership. The state exchequer made significant gains supported by rise in property registrations. This reflects the buoyancy of the Mumbai property market, which remain strong in the face of headwinds,” says Shishir Baijal, CMD, Knight Frank India.
500-1,000-sqft area continues to dominate registrations
In March 2023, apartments measuring 500 square foot (sqft) to 1,000 sqft continued to be purchasers’ preference, accounting for 48% of all apartments. Apartments with less than 500 sqft saw a marginal decline in market share from 35% in January 2023 to 34% in March 2023. The share take-up for areas larger than 1,000 sqft declined from 21% in February 2023 to 17% in March 2023.
Area wise breakup of apartment sales
| Area (sq ft) | Share in Jan 2023 | Share Feb 2023 | Share Mar 2023 |
| Up to 500 | 35% | 34% | 34% |
| 500 – 1,000 | 48% | 45% | 48% |
| 1,000 – 2,000 | 14% | 12% | 14% |
| over 2,000 | 3% | 9% | 3% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
82% sales in March in categories below Rs 2.5 cr
In March 2023, buying patterns on housing shifted, with Rs 2.5 crore and below accounting for 82% of registered properties compared to 87% in February 2023, and Rs 2.5 crore and above accounting for 17% of all registered houses compared to 14% in February 2023.
Western suburb and central suburb account for 84% of total market
Bulk of the registrations were for properties in western suburbs, constituting 62% of the market share in March 2023, while 25% of registrations were for properties in central Mumbai. In March 2023, 6% of registrations were for central Mumbai while south Mumbai’s share of total property registrations stood at 7%.
The two markets of Central and Westerns Suburbs have in recent months seen large volumes of launches as a response to the robust demand. These locations provide great value as most of the new developments here provide for modern living amenities. Further, these locations are either already or are soon to be connected via the metro network which is further boosting the profiles for these properties.
Micro-market-wise breakup
| Micro-market | Share in Jan 2023 | Share in Feb 2023 | Share in Mar 2023 |
| Central Mumbai | 6% | 5% | 6% |
| Central Suburbs | 30% | 27% | 25% |
| South Mumbai | 7% | 11% | 7% |
| Western Suburbs | 58% | 57% | 62% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
The central suburb and western suburb have the highest percentage of property registrations under Rs 5 crore. However, most transactions exceeding Rs 5 crore were registered in central and south Mumbai.
People 31-45 age category largest group of buyers
In March 2023, the age group of 31 and 45 made up the biggest percentage of home buyers, accounting for 44% of all residential property registrations. 10% of house purchasers are under 30 years old, while 33% of buyers are in the 46 to 60 age range. In March 2023, the share of home buyers who were over 60 years old was 14%.