Mumbai recorded revenue collection of INR 5,483 cr in H1 2023, highest revenue in last 10-years
Mumbai, June 30, 2023: Mumbai city (area under BMC jurisdiction) in June 2023 witnessed registration of 9,729 units resulting in a revenue of INR 804 Crores (Cr) for the state government. Of the total registered properties 84% were residential units while the remaining 16% were non-residential properties.
During the first half of 2023 (H1), the city recorded the registration of 62,071 units, making it the second-best for property registrations for the corresponding H1 periods over the last decade. Additionally, the revenue collected from property registrations reached INR 5,483 crore in H1 2023, which is the highest recorded in the corresponding periods in the past decade.
Property registrations continue to remain optimistic in June, albeit at a slower rate of growth, supported by factors such as rise in income levels and positive sentiments towards homeownership. As a result, the month of June saw the trend of property registrations maintain its level from last month as well as on an year -on – year basis.
The rise in property registrations has resulted in increased revenue collections for the state, making the Government of Maharashtra the primary beneficiary. The increase in revenue can be attributed to several factors, including the higher value of properties being registered, the implementation of metro cess, and the sustained strong demand from consumers.
The Mumbai real estate market witnessed several headwinds in recent years, such as higher interest rates and increased acquisition costs due to higher stamp duty rates. Despite these headwinds, it has managed to maintain its stability. The average number of property registrations has increased significantly, from 5,778 units during the period between 2013 and 2019, to 10,583 units between 2021 and the first half of 2023. This demonstrates that the market has successfully navigated these challenges and is currently sustaining at its newly found levels.kets hovered around an average of 5700 units a month to over average of 10,000 units. Further, we have seen increased take-up in the INR 1 crore and above category, partly due to an affinity for larger homes as well as a general increase in average prices. Looking ahead, we anticipate the demand to remain strong with factors influencing buying decisions being supportive.”
In June 2023, registrations in Mumbai remained stable with close to 9,900 registrations, similar to the number recorded during the same period last year. The revenue growth from property registrations also exhibited strength, growing by 6% year-on-year to reach INR 776 crore. Overall, the trend remains robust as the economy recovers and the demand for housing remains high.
