In April 2023, the Mumbai Real Estate Market saw high revenue collections
According to a survey by real estate brokerage firm Knight Frank, 10,514 units of property were registered in the Mumbai real estate market in April 2023, with residential properties accounting for 83% of all registrations. The city also contributed more than Rs 840 crore to the state exchequer in April, its highest monthly revenue total in the previous ten years. The rise in higher-value property transactions and the higher stamp duty rate were to blame for the increase in income.
April 2023 had the second-best April month in the previous ten years in terms of daily average property registration with 352 units, following April 2022. Mumbai has continued to have significant house sales, with an estimated 8,00,000 units sold in the last 10 years, 40% of which occurred since the introduction of the stamp duty stimulus in September 2020.
Preference for 500–1,000 square foot apartments
units between 500 and 1,000 square feet remained to be the most popular size among buyers in April 2023, making up 44% of all units. The market proportion of units under 500 square feet, however, slightly decreased from 36% in April 2022 to 32% in April 2023. Apartments larger than 1,000 square feet also became more prevalent, rising from 17% in April 2022 to 24% in April 2023.
Budgets up to Rs 1 Crore for Home Purchases Remain the Most Popular
The patterns of home purchases changed in April 2023, when 41% of registered properties were purchased by buyers with a budget of up to Rs 1 crore as opposed to 49% in March 2023. 38% of registered properties had a ticket size of Rs 1 crore to Rs 2.5 crore, and 9% had a ticket size of Rs 2.5 crore to Rs 5 crore. There were 3% and 1%, respectively, of home purchasers with budgets between Rs 5 crore and Rs 10 crore and Rs 10 crore and Rs 20 crore.
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Category of Age: 31-45 Years Still the Main Buyer Group
In April 2023, 44% of all residential property registrations were made by people between the ages of 31 and 45, who made up the largest share of home buyers. 12% of home purchasers were under the age of 30, while 30% of buyers were between the ages of 46 and 60. 14% of buyers were over 60, which is a significant portion.
Conclusion
Mumbai’s desire to purchase a property has persisted despite high stamp duty rates, a steady rise in interest rates, and rising market prices. The age bracket of 31-45 years is the largest buying group, and the desire for apartments between 500 and 1,000 square feet, and a budget of up to Rs 1 crore all point to the Mumbai real estate market’s shifting characteristics.
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