Mumbai registers 14,411 properties in March, govt earns Rs 1,143 cr revenue

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Mumbai recorded registration of 14,411 properties in March 2024, a jump of 10% over the ame period lastyear. The Maharashtra government earned stamp duty of Rs 1,143 crore from these resgistrations which is 7% less than last year. The decline in stamp duty collections is attributed to extraordinarily elevated stamp duty collections last year following the central government’s decision, to limit tax deductions on capital gains earned from the sale of residential property after March 31, 2023, property consultant Knight Frank said in a report.

On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.

Homebuyer confidence in Mumbai remains strong while the outlook remains positive leading to a substantial upswing in property sale registrations. Of the overall registered properties, residential units constitute 80%. When purchasing any type of property, homebuyers are required to pay stamp duty and registration charges to the state government. In Mumbai, where properties fall under the jurisdiction of the BMC, the current stamp duty rates are 6% for male homebuyers and 5% for female homebuyers.

500-1000 sq ft area properties continue to dominate property registrations

In March 2024, homes spanning between 500 to 1,000 square feet (sq ft) emerged as the favoured option among homebuyers. However, there was a decline in the proportion of apartments sized 500 sq ft and below, which had seen an increase in the first two months of 2024. Conversely, the percentage of apartments exceeding 1000 sq ft rose to 15%, marking the highest share for this quarter. Mumbai homebuyers have shown a clear preference for larger apartments in recent months, as evidenced by the upward trend in their share.