Mumbai has continued to lead its dominance as the country’s go-to real estate market with its record-breaking property registration in the calendar year 2022, the highest in the last 10 years. According to recent data published by real estate consultant Knight Frank India, the city of Mumbai (BMC area) saw a registration of 1,21,850 properties in 2022 owing to higher demand than in previous years, a 9% increase over the year 2021. In December alone, the city saw 9,182 units of property sale registration, making the state revenue over ₹ 821 crores.
86 per cent of all of the properties registered in 2022 were residential. Mumbai city (BMC area) witnessed the registration of 1,21,850 units of properties during 2022, whereas in the previous year, the number of properties registered stood at 1,11,913 units as per data reported by Knight Frank India.
The data includes the transactions of all types of properties- from residential to commercial and in both primary (fresh sales) and secondary (resale) markets. The state earned a staggering revenue of ₹8,887 crores from stamp duty and registration fees in 2022.
Knight Frank India said that the positive attitude towards owning a house post-pandemic in Mumbai city was one of the primary reasons for the increase in property sales. Mumbai’s residential market has also seen a rising graph due to optimistic economic growth, financial stability and better income. This has been evident from the fact that 2022 is the second year in a row that saw property registrations exceeding 1 lakh units after 2021, thereby making 2022 in the last decade the year with the highest annual property sale registrations.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, stated the demand for residential properties has remained strong and growing despite higher home loan rates, no SOPs from the state government or a rise in capital values over the last year. Mumbai is also much more affordable now than it was ten years ago, even though the affordability index went down by about 100 basis points, effectively offset the possible impact of the increase in prices and home loans.
Bengaluru-based real estate developers like the Puravankara Ltd and Prestige Estates have also entered the Mumbai real estate market apart from old players like Godrej Properties, Oberoi Realty, Hiranandani Group, Tata Housing, Mahindra Lifespace Developers, Piramal Realty, Indiabulls Real Estate, D B Realty to name a few.
Based on strong demand, higher income and better economic growth in 2022, property registration in Mumbai’s BMC area increased without the government’s support or help.
The financial capital of India has cemented its position as one of the country’s most sought-after real estate markets despite its ever-increasing property prices due to growing demand, as indicated and supported by recent data.
