Winning Bizness Desk
Mumbai. Here is another example why Amchi Mumbai is the king of the real estate market. Home sales within Mumbai Municipal Corporation (BMC) limits have added to the state government's coffers. In the month of June, 9,729 units of property purchase transactions were registered in Mumbai and therefore, a revenue of 804 crores has accumulated in the state government treasury. 84 percent of the properties registered were residential properties, while 16 percent includes non-residential property. The average volume of property registrations has increased significantly. 5,778 units were registered between the years 2013 to 2019. After that, the average has reached 10,583 units in 2021 and the first half of 2023.
62,071 registration in 6 month
International real estate consultancy company Knight Frank India has recently published a report on this which reads that in the first half of the year 2023, total 62,071 units were registered in Mumbai. It was the second highest home registration in the first half of the last decade. Apart from that, the revenue collected from property registrations in the first half has reached Rs 5,483 crore. Knight Frank reports that this is the highest revenue recorded for the corresponding period in the past decade. The increase in property registration has led to an increase in state revenue. The increase in state revenue can be due to many reasons. Factors such as registered value of property, application of metro cess are also important in this.
What are the factors?
According to the experts, due to increase in income, positive attitude among consumers towards home buying, etc., there has been an increase in property registrations. Due to these reasons, comparing the property registration in the month of June last year and this year's property registration, it has been seen that the trend of property purchase in the month of June has continued. Notably, the Mumbai real estate market has faced many challenges in recent years. Along with the increase in interest rates, stamp duty was also increased. Inspite of such difficulties, the property purchase rate in Mumbai has remained stable.
