Mumbai real estate: August property and income records best in 10 years

Mumbai : Mumbai reported over 10,515 property registrations in the month, up 22 per cent from a year earlier, and registration revenues stood at over Rs 783 crore, up 21 per cent.
Around 75 per cent of buyers in the western suburbs and 84 per cent of buyers in the central suburbs choose to invest in their home micro market, according to data from the Mumbai property registry.
Mumbai recorded 10,515 property registrations in August 2023, a year-on-year increase of 22 percent and a month-on-month increase of 2 percent. This was the highest revenue and registration collection in August since 2013, according to the Inspector General of Records and Stamps of Maharashtra.
Revenue collected by the government in August 2023 amounted to over Rs 783 crore, up 21 per cent from August 2022 but down 5 per cent from July 2023, according to Maharashtra IGR data.
"August 2023 marked a major milestone for the city, achieving the most successful August in the last decade in terms of both number of registrations and revenue generated," said a statement from Knight Frank India, a real estate consultancy firm that collects data monthly from Maharashtra.
This indicates the enduring strength of Mumbai's residential real estate sector and the unwavering confidence of property buyers, despite rising interest rates and property prices. Such resilience can be attributed to factors such as rising income levels and positive attitudes towards homeownership, the statement added.