Mumbai’s Revenue From Property Registrations Reached A Record High In March

Mumbai's Revenue From Property Registrations Reached A Record High In March

ThecityreportsrevenuecollectionofRs37crperdayfrompropertyregistrations inMarch2023.InMarch2023,12,421residentialunitswereregisteredinMumbai, addingmorethanRs1,143croretothestate'srevenue,accordingtoaresearchby therealestateagencyKnightFrankIndia,whichusedofficialdata.SinceApril2022, thisisMumbai'sgreatestincomecollection.Residentialpropertiesmadeup84%of thetotalregisteredproperties,whilenon-residentialpropertiesmadeup16%.

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Mumbai property registrations dating back to April 2022

Mumbai'srealestatemarketremainedbriskdespiterisingmortgageratesmaking homeownershiplessaffordableandstrongcustomerdemandforhomeownership. March2023rankedthirdhighestamongMarchmonthsintheprevioustenyearsfor dailyaveragepropertyregistrationwith401units,behindMarch2021.March2021 sawthegreatestaveragedailysale 572units asaresultofthestampduty reduction,whileMarch2022sawanincreaseinpropertyregistration 540units duetoarushofregistrationsbeforetheMetrocesswasimposed.Thisfinancial year'sMarchwillbethebestmonthaswell,despitebeingmostlydrivenby homebuyerfervor.

Sales data for March and changes to the MoM for 2013 to 2023

Period Registration (Units) YoY MoM Revenue (INR cr) YoY MoM Apr-22 11,743 16% -30% 738 43% -36% May-22 9,839 84% -16% 727 171% -2% Jun-22 9,919 26% 1% 734 75% 1% Jul-22 11,340 15% 14% 829 46% 13% Aug-22 8,552 26% -25% 644 53% -22% Sep-22 8,628 11% 1% 734 39% 14% Oct-22 8,422 -2% -2% 724 32% -1% Nov-22 8,965 18% 6% 684 24% -6% Dec-22 9,367 -3% 4% 835 10% 22% Jan-23 9,001 10% -4% 692 45% -17% Feb-23 9,684 -7% 8% 1,112 81% 61% Mar-23 12,421 -26% 28% 1,143 -1% 3%

Monthwise Sales registration MoM change YoY change Mar-13 6,876 42% NA Mar-14 5,652 17% -18% Mar-15 6,208 25% 10% Mar-16 5,705 10% -8% Mar-17 6,746 84% 18%

Despitethefifthreporateincreaseof25basispointsinFebruary2023,which bringsthetotalincreasesinceMay2022to250basispoints,buyershavepersisted intheircommitmenttobuyingresidentialproperty,thereportsaid.

Despitetherecenthikesininterestrates,Mumbai'srealestatemarketcontinuedto bestronginMarch.Duetothepersistentdesireofhomebuyerstoownahome,the marketsawagrowthinpropertyregistrations,whichreachedtheirhighestlevelfor thefiscalyear2023inMarch2023.Theincreaseinpropertyregistrationshelped thestateexchequermakelargegains.ThisillustratesthestrengthoftheMumbai realestatemarket,whichisthrivingdespiteadversecircumstances.

Registrations continue to be dominated by the 500-1,000 sq ft area. Apartmentsbetween500and1,000squarefeet(sq.ft)continuedtobefavouredby buyersinMarch2023,makingup48%ofallapartments.Themarketshareof apartmentsunder500squarefeetslightlydecreasedfrom35%inJanuary2023to 34%inMarch2023.Thepercentageoflarger-than-1,000-square-footareasthat wereoccupiedfellfrom21%inFebruary2023to17%inMarch2023.

Mar-18 8,867 34% 31% Mar-19 6,617 24% -25% Mar-20 3,798 -36% -43% Mar-21 17,728 74% 367% Mar-22 16,726 61% -6% Mar-23 12,421 28% -26%

Apartment sales broken down by neighbourhood

March sales in categories under Rs 2.5 crore were 82%

HousingpurchasetrendschangedinMarch2023,whenpropertiesvaluedatRs2.5 croreorlessaccountedfor82%ofregisteredproperties,downfrom87%in February2023,andbuildingsvaluedatRs2.5croreormoreaccountedfor17%of allregisteredhomes,upfrom14%inFebruary2023.

Central and Western Suburbs make up 84% of the market.

InMarch2023,themajorityofregistrations 62%ofthemarketshare werefor homesinthewesternsuburbs,while25%wereforhomesintheheartofBombay. InMarch2023,centralMumbaiaccountedfor6%ofregistrations,whilesouth Mumbaiaccountedfor7%ofallregistrations.

Asaresultofthestrongdemand,therehavebeennumerouslaunchesinthetwo marketplacesofCentral&WesternSuburbsrecently.Theseareasofferexcellent valuebecausethemajorityofthelocalnewconstructionsofferamenitiesfor contemporarylife.Additionally,theselocationsareeitheralreadyconnectedtothe metronetworkorwillbeinthenearfuture,raisingtheprofileoftheseassetsyet further.

Area (sq ft) Share in Jan 2023 Share Feb 2023 Share Mar 2023 Upto500 35% 34% 34% 500–1,000 48% 45% 48% 1,000–2,000 14% 12% 14% over2,000 3% 9% 3%

Micro market-wise division

ThemajorityofpropertyregistrationsunderRs5croreareinthecentraland westernsuburbs.ThemajorityoftransactionsoverRs5crore,however,were recordedincentralandsouthernMumbai.

Most customers are in the age range of 31 to 45. Ages31to45madeupthelargestproportionofhomebuyersinMarch2023, accountingfor44%ofallresidentialpropertyregistrations.10%ofhomebuyers areunder30,comparedto33%ofbuyerswhoarebetweentheagesof46and60. Thepercentageofbuyerswhowereover60inMarch2023was14%.

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Micro-market Share in Jan 2023 Share in Feb 2023 Share in Mar 2023 CentralMumbai 6% 5% 6% CentralSuburbs 30% 27% 25% SouthMumbai 7% 11% 7% WesternSuburbs 58% 57% 62%

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