In November 2022, 8756 Property Sale Registrations Were Recorded in Mumbai

November 2022 saw a 15 percent year-over-year increase in property registrations in Mumbai and a 22 percent year-over-year increase in government income collection. 

According to data by Knight Frank India, Mumbai city (BMC area) had 8,756 property sales in November 2022, providing approximately Rs 671 crore to state coffers.

In recent months, there has been a slight deceleration in the rate of increase for property sale registrations in Mumbai.

November 2022 saw a 15 percent year-over-year increase in property registrations and a 22 percent year-over-year increase in government income collection.

Despite the conclusion of the festival season in October, market attitudes persisted in November 2022, as seen by a four percent MoM increase in home sale registrations;

The state government's income for November 2022 was Rs 671 crore, above November 2021's total of Rs 549 crore, due to increased contributions from higher-value categories and a one-percentage-point rise in the stamp duty rate.

Almost half of the residential properties registered in November 2022 are dwellings measuring between 500 and 1,000 square feet.

In November 2022, the western and central suburbs of Mumbai accounted for 88 percent of the residential property demand.The monthly increase in property registrations in Central Mumbai was five percent in October 2022 and six percent in November 2022.In November 2022, South Mumbai's share increased from four percent in October 2022 to six percent.

With a 36 percent market share in November 2022, compact dwellings remain the second most popular housing option.

Shishir Baijal, CMD, Knight Frank India remarked,

"Despite geopolitical obstacles, the residential market in Mumbai has expanded due to positive consumer confidence and supporting forces. As the festival season that propelled market mood in the previous month comes to an end, November 2022 continues to benefit from the continued momentum, with property sales and government revenue collection increasing year-over-year."