20230520-莱坊-Mumbai_Residential_Property_Registrations_Update_Apr_2023_5页_2mb

Mumbai Residential Market Research Summary

• Strong Market Appetite: Despite a record-stamp duty (6%), consecutive interest rate hikes, and rising prices, Mumbai's residential market showed robust demand in April 2023, registering its highest revenue collection of INR 9,000 Crore.
• Recent Performance: Over the last 10 years, 800,000 properties estimated, with 318,000 (40%) transacted after the 6% stamp duty introduced in Sept 2020. April 2022-April 2023 saw 129,125 (approx 16%) property registrations in total.
• April 2023 Highlights:
  • Registration Count: 10,514 units registered, the second-best April since 2013 (dipped slightly YoY).
  • Revenue: Collected INR 9,000 Crore, highest April revenue in the last 10 years.
• Price & Size Trends:
  • Value: A notable shift towards higher-value transactions. Large-ticket homes (> INR 25 Cr) accounted for 13% of registrations.
  • Size: Demand for properties >1000 sq. ft. increased (24%).
  • Price Brackets: INR 25-50 Cr category saw the highest registrations (13%) in April 2023 (down from 16% YoY).
• Regional Breakdown (April 2023):
  • Micro-Markets: Non-central areas like Western and Central Suburbs experienced growth. Western Suburbs accounted for 54% of registrations, Central Suburbs 30%. South Mumbai registrations increased significantly.
  • Revenue: High-value transactions concentrated in Central Mumbai (recorded one >INR 200 Cr sale).
• Buyer Behaviour:
  • Relocation: 53-55% of buyers purchased within their preferred micro-market.
  • Migration: Significant movement from Western Suburbs to Central Suburbs and vice-versa (91% of Western transactions same micro-market, 94% of Central transactions same).
  • Preferred Locations: Western Suburbs (91%) and Central Suburbs (94%) saw mostly intra-micromarket purchases. South Mumbai's share quadrupled YoY to 10%.
  • Loyalty: Buyers consistently preferred Central and Western Suburbs (e.g., initially vs. South).
  • Age: 31-45 year olds were the largest segment (44%).
• Recent Research Source: Information from Maharashtra Govt (IGR) Dept. of Registrations & Stamps, supplemented by Knight Frank India Research.