More homes in Mumbai got officially registered lately, going up by 8% to reach 14,149 units. This increase is because more people are looking for houses. Knight Frank, a real estate expert, gathered and studied this info from the government’s Registration and Stamps Department.
In March, 14,149 properties in Mumbai were registered, compared to 13,151 last year. This shows a 17% increase from the previous month, where 12,056 units were registered. Most of these were homes, making up about 80% of all registrations. Last month, the government collected Rs1,123 crore as stamp duty from these registrations.
Shishir Baijal, who leads Knight Frank India, said that Mumbai’s housing market did well in March 2024. He noticed more and more properties getting registered, which means people are interested in buying homes.
Baijal is hopeful that this trend will continue, especially with the economy growing and interest rates staying low. He thinks this will keep things positive for people looking to buy homes.
People like the new construction in Khopoli because it brings modern homes and shops with cool stuff like parks and eco-friendly features. You can find different types of places to live, from fancy houses to cheaper apartments.
Similarly, the stamp duty collections from property registrations in Mumbai real estate market, fell by 8 per cent to 1,126 crores in March 2024 to Rs 1,226 crore in March 2023, according to Maharashtra government data.
According to Knight Frank India, property registrations dropped in February because in the previous year, there were very high collections due to a change in tax rules. Last month, 80% of the properties registered were residential units. Knight Frank India analyzed the data and found that houses and apartments between 500 and 1,000 sq. ft. were the most popular choice among homebuyers.
Investors are interested in new construction in Khopoli because they think they can make money from it. They believe that as more people want to live and work there, the value of properties will go up, making them a good investment.
Out of the overall registered properties in Mumbai real estate, residential units constitute 80 per cent, according to Knight Frank India, a real estate consultancy firm that analysed the data.
For people looking to buy a home, new construction in Khopoli offers the chance to live in a new place surrounded by nature. It’s like getting away from the noisy city while still having everything you need nearby.
