Synopsis

Mumbai's property market remained robust in July, mirroring last year's momentum with 12,510 deals. Stamp duty collections increased by 5.4% to Rs 1,121 crore, driven by sustained end-user demand and a preference for larger, premium homes. Infrastructure upgrades and stable interest rates continue to fuel buyer confidence, particularly in emerging corridors.

Mumbai, the country’s biggest and most expensive property market, remained on firm ground in July, with sustained end-user demand and growing preference for larger, premium homes continuing to shape buying activity.

Stable interest levels and ongoing infrastructure upgrades across the city have helped maintain market momentum even after price growth and ready reckoner rates rise that was implemented from April 1.

The Maximum City registered 12,510 property deals in July, maintaining the momentum witnessed a year ago, while stamp duty collections rose 5.4% to Rs 1,121 crore, showed data from the Inspector General of Registration (IGR), Maharashtra.

“Mumbai’s residential market continues to show steady buyer confidence, with monthly registrations consistently crossing the 12,000-mark in residential registrations. While there has been some softening in demand for mid-ticket segments, demand for larger homes and properties priced above Rs 5 crore remains strong, supporting healthy revenue collections,” said Shishir Baijal, CMD, Knight Frank India.

This marked the tenth consecutive month of registrations staying above the 11,000-mark, a clear indicator of consistent buyer sentiment. On a month-on-month basis property registrations increased by 7% while stamp duty collections increased by 6%.

“The uptick in housing sales highlights how strongly infrastructure upgrades are influencing buyer sentiment. As metro lines, expressways, a new airport, and civic amenities offering strategic connectivity take shape, homebuyers are growing more confident about investing in emerging corridors. The momentum is also driven by diverse residential and commercial growth supported by infra-led development and emerging communities,” said Anuj Goradia, Director, Dosti Realty.

During the January-July period, total registrations rose 5% on-year to 88,570, while stamp duty revenue grew 14% to Rs 7,853 crore, marking the strongest seven-month performance ever on this count.

The market continued to be driven by residential demand, with 80% of registrations during the month were for residential properties.

The share of high-value transactions continued to grow, with properties priced above Rs 5 crore accounting for 6% of all deals in July, compared to 5% a year ago. The mid-market category of Rs 1 crore to Rs 5 crore saw a slight decline in share, however, the category below Rs 1 crore grew marginally.

Apartments up to 1,000 sq ft remained dominant, contributing 82% of all registrations. Within this, the 500–1,000 sq ft segment held steady at 46%, while the 1,000-2,000 sq ft segment rose to 14%.

The western and central suburbs continued to drive the market, together accounting for 88% of all registrations. The western suburbs contributed 57%, central suburbs 31%, while South Mumbai’s share eased to 6%.

Source: www.hindustantimes.com