In Mumbai, over 56% of properties sold this year are priced above Rs. 1 crore (US$ 120,116.8): Knight Frank

The previous two years have seen a notable 250 basis point increase in the policy repo rate, along with a surge in property prices that has negatively affected property registrations below the Rs. 1 crore (US$ 120,116.8) level. Registrations for properties valued at Rs. 1 crore (US$ 120,116.8) and above, however, indicate that the impact of these changes has been rather minimal.

The share of higher-value properties has steadily increased, which can be demonstrated by the fact that in the Mumbai Metropolitan Region, more than 56% of the houses sold between January and October 2023 were priced higher than Rs. 1 crore (US$ 120,116.8). The city registered 104,832 units in the first ten months of 2023, with 46,126 of those units costing less than Rs. 1 crore (US$ 120,116.8) and 58,706 costing more than Rs. 1 crore (US$ 120,116.8), according to the data analysed by property consulting firm Knight Frank.

Mumbai City (which is under the jurisdiction of the BMC) is expected to register 10,523 homes in October alone, bringing in Rs. 831 crore (US$ 99.8 million) for the state government. Compared to the previous year, this indicates a 25% increase in registrations and a 15% increase in revenue. Over 80% of all registered properties are residential units, with non-residential assets making up the remaining 20%.

As per the report, due to high demand, there has been an increase in launches in the Central and Western Suburbs. Additionally, these locales are already well-connected or set to be linked through upcoming metro networks, further enhancing the attractiveness of these properties. Around 74% of Western suburb buyers and 81% of Central suburb purchasers opt to purchase within their micro market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.