Property registrations dip in Mumbai in May amid increased stamp duty fees

Mumbai city (area under Brihanmumbai Municipal Corporation) saw a total of 9,542 property sale registrations in May 2023, resulting in a revenue of Rs 811 crore through collection of stamp duty fees collection.

Mumbai city (area under Brihanmumbai Municipal Corporation) saw a total of 9,542 property sale registrations in May 2023, resulting in a revenue of Rs 811 crore through collection of stamp duty fees collection.

Notably, last month, a total of 10,514 properties were registered whereas in May 2022, a total of 9,839 properties were registered. Therefore, as per the property registration data analysis available with the state’s Office of Registrations and Stamps, the numbers are reducing.

However, as per Knight Frank India, a private real estate consultancy firm, the daily average property registration in May 2023 was 308 units, making it the second-best month of May in the last ten years after May 2022. Total registrations, however, dipped in May 2023 by 3 per cent Year on Year with a total of 9,542 property registrations in the month.

While the overall registrations dipped in May 2023, the strength in the daily sale rate of over 308 units and the rising revenues clearly indicates the robustness of Mumbai’s property market.