Highest property sale registrations in January to October period in last 10 years; for the first-time crosses 100,000 registrations within 10 months.
Mumbai city (BMC area) saw property sale registrations of 8,276units in October 2022, contributing over INR 705 Crores (Cr) to the state revenues.
The Diwali festival has bought cheer to the Mumbai’s property market, as it continues to hold strong despite persistent headwinds. The cost of housing is on an upward trajectory due to a series of reasons including implementation of metro cess increasing the stamp duty by 1 percent, developers opting for price rise to combat rising input costs and rise in housing mortgage rates as repo rate increased by 190 BPS within the last two quarters to control the inflation pressures. Notwithstanding these headwinds, affordability is still supportive of demand and backed by positive sentiment in the festival season, residential market has performed well in October 2022. October 2022, which was the festive month, has recorded the second-best Diwali period sales in the last 10 years other than Diwali of 2020 when stamp duty cut incentive was being offered. The Diwali of 2020 falling in November 2020 recorded a property registration of 9,301 units with the incentive and played a vital role in reviving the property market of Mumbai city.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Other than Diwali 2020 which had the stamp duty cut boost, Diwali 2022 was the second-best festive season for residential sales in Mumbai city. Consumers continued to go ahead with their house buying decision despite the challenges of increased home loan interest rate and property prices. With renewed enthusiasm for home ownership, supportive affordability level and domestic economy reflecting strength, we hope that the market has a runway for housing sales growth. However, as headwinds intensify, there could be a moderation in momentum.”
Table: Mumbai city property sale registrations for the Diwali Months
| Year | Diwali Month | Property registration |
| 2012 | November | 4,247 |
| 2013 | November | 3,859 |
| 2014 | October | 4,483 |
| 2015 | November | 4,221 |
| 2016 | October | 6,068 |
| 2017 | October | 5,668 |
| 2018 | November | 5,190 |
| 2019 | October | 5,811 |
| 2020 | November | 9,301 |
| 2021 | November | 7,582 |
| 2022 | October | 8,276 |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
In the span of 10 months (January – October, 2022), property registrations have already breached the 100,000 benchmark for the first time in 10 years such early in the year, reflecting strong sales momentum in 2022 supported by October 2022 sales. The property registrations grew by 9% YoY recording 1,03,557 properties registered between January to October 2022. While the government revenue collection also grew substantially by 53% YoY, best in the last 10 years, crossing INR 7,300 Cr in this period.
Table: Mumbai city property sale registrations & revenue collection for January – October period
| Property registration | Revenue collection | YoY change – Property registration | YoY change- Revenue collection | |
| 2013 | 53,601 | 3,048 | ||
| 2014 | 50,797 | 2,976 | -5% | -2% |
| 2015 | 55,641 | 3,437 | 10% | 16% |
| 2016 | 54,596 | 3,426 | -2% | 0% |
| 2017 | 55,472 | 4,427 | 2% | 29% |
| 2018 | 67,229 | 4,672 | 21% | 6% |
| 2019 | 55,856 | 4,475 | -17% | -4% |
| 2020 | 36,751 | 2,154 | -34% | -52% |
| 2021 | 94,650 | 4,803 | 158% | 123% |
| 2022 | 1,03,557 | 7,363 | 9% | 53% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
The sale momentum appeared to be mildly impacted with the changing property buying conditions which can be seen as the property registration dipped by 4% MoM and by 3% YoY.
Table: Mumbai city property sale registrations for the month of October
| Month | Property sale registrations (Units) | MoM change | YoY change |
| Oct-13 | 4,902 | 19% | |
| Oct-14 | 4,483 | -6% | -9% |
| Oct-15 | 5,225 | 9% | 17% |
| Oct-16 | 6,068 | 37% | 16% |
| Oct-17 | 5,668 | -1% | -7% |
| Oct-18 | 6,377 | 8% | 13% |
| Oct-19 | 5,811 | 44% | -9% |
| Oct-20 | 7,929 | 42% | 36% |
| Oct-21 | 8,576 | 10% | 8% |
| Oct-22 | 8,276 | -4% | -3% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
Table: Mumbai city property sale registrations
| Month | Property sale registrations (Units) | YoY change |
| Jan-21 | 10,412 | 69% |
| Feb-21 | 10,172 | 72% |
| Mar-21 | 17,728 | 367% |
| Apr-21 | 10,136 | * |
| May-21 | 5,360 | 2489% |
| Jun-21 | 7,856 | 327% |
| Jul-21 | 9,822 | 269% |
| Aug-21 | 6,784 | 157% |
| Sep-21 | 7,804 | 39% |
| Oct-21 | 8,576 | 8% |
| Nov-21 | 7,582 | -18% |
| Dec -21 | 9,681 | -51% |
| Jan- 22 | 8,155 | -22% |
| Feb-22 | 10,379 | 2% |
| Mar -22 | 16,726 | -6% |
| April-22 | 11,743 | 16% |
| May – 22 | 9,839 | 84% |
| Jun – 22 | 9,919 | 26% |
| July -22 | 11,340 | 15% |
| Aug – 22 | 8,552 | 26% |
| Sept- 22 | 8,628 | 11% |
| Oct- 22 | 8,276 | -3% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
* Month Impacted by Covid induced lockdown
Government revenue collection saw a 28% YoY rise in October 2022
The state government earned a revenue of INR 705 Cr, surpassing October 2021’s collection of INR 550 Cr on account of increased contribution from higher value segment and one percentage point higher stamp duty rate.
Table: Mumbai city monthly property sale registrations
| Month | Property sale registrations (Units) | Average daily sale rate | Government revenue (INR Cr) |
| Jan-20 | 6,150 | 198 | 454 |
| Feb-20 | 5,927 | 204 | 438 |
| Mar-20 | 3,798 | 123 | 305 |
| Apr-20 | – | – | – |
| May-20 | 207 | 7 | 16 |
| Jun-20 | 1,839 | 61 | 153 |
| Jul-20 | 2,662 | 86 | 214 |
| Aug-20 | 2,642 | 85 | 176 |
| Sep-20 | 5,597 | 187 | 181 |
| Oct-20 | 7,929 | 256 | 233 |
| Nov-20 | 9,301 | 310 | 288 |
| Dec-20 | 19,581 | 632 | 681 |
| Jan-21 | 10,412 | 336 | 305 |
| Feb-21 | 10,172 | 351 | 352 |
| Mar-21 | 17,728 | 572 |
Also Read: Mumbai Home Sales in Oct were less than Sep
