MUMBAI, Jan 5 (The CONNECT) – Mumbai recorded the best in 11 years total property sale registrations in 2023.

Mumbai city area which falls under Brihanmumbai Municipal Corporation (BMC) jurisdiction, recorded total registrations of 127,139 properties, beating the previous high of 1,22,035 units in the previous year.

The state government collected a revenue of Rs 10,889 crore as stamp duty in 2023, up 22 per cent from the previous year.

In December, 12,487 units were registered in Mumbai city, up 33 per cent from 9,367 units in the year-ago period.

Pritam Chivukula, Vice President-CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, attributed the surge to the positive market sentiments that have prevailed consistently over the year. This, along with the increased aspirations and rising income levels among potential homebuyers too has significantly fuelled the housing demand in the city, he said.

“As we step into the New Year, the outlook remains optimistic where the housing demand in Mumbai will continue its upward trajectory,” Chivukula said.

Rohan Khatau, Director, CCI Projects, said the trend has prevailed in the western suburbs due to a growing recognition of the importance of home ownership among consumers. The improved connectivity and enhanced convenience have played a pivotal role in directing this wave of demand towards the western suburbs, he said.

Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Pvt. Ltd. (SDPL), opined that the real estate market in Mumbai has reached a new zenith, particularly in home sales. This significant growth is due to a combination of compelling factors, including enticing pricing strategies, exclusive discounts, and special home loan offers that are especially tailored for the customers.