Incredible 12000 + Sales in March 2023, INR 1000 Cr + to Maharashtra State Revenue - Mumbai Real Estate Set to Grow Further

Mumbai Real Estate Growth 2023

In March 2023, the BMC-governed area of Mumbai reported the sale of 12,421 residential units, generating state revenue in excess of Rs 1,143 crore.

Eighty-four percent of the registered properties were residential, while sixteen percent were non-residential. According to a real estate study, Mumbai's income collection in March 2023 was the highest since April 2022, at Rs 1,143 crore.

Despite rising mortgage rates decreasing the affordability of house purchases, property sales in Mumbai remained robust due to consumers' strong desire for home ownership.

The average number of property registrations per day in March 2023 was 401, making it the second-best March month in the preceding decade after March 2021. The benefits of the reduction in stamp duty led to 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 as a result of a rush in property registrations before to the introduction of the Metro cess.

Close to 50% of all sold units in March 2023 in Mumbai were in sizes of 500-1000 sqft.

The proportion of sales of flats above 1000 sqft was close to 16% in March 2023.

Almost 80% plus of registered residential properties in Mumbai were priced at Rs 2.75 crore or less in March 2023, down from around 85% in February 2023, while close to16% of registered residences were valued in excess of Rs 2.75 crore - an increase of almost 15% from February 2023.

More than 60% of the market share in March 2023 consisted of sale registrations for homes in Mumbai's western suburbs, while almost 26% of registrations were for properties in Mumbai's central district. In March of 2023, 7% of registrations were for the central region of Mumbai, while roughly 8% were for the southern region.

The following are among the most important of the numerous minor factors that may influence Mumbai real estate sales in 2023:

In recent months, Central Mumbai and Mumbai's western suburbs have seen an inflow of new releases as a consequence of persistent demand.

The majority of new projects in these locations have modern living comforts, hence elevating their value.

These regions are either already connected to the metro system or will be shortly, hence enhancing the qualities of these properties.