In February, property registrations in Mumbai totaled 11,932 units, reflecting a decline compared to both the previous month and the same month last year, according to data from the Maharashtra government. January saw 12,249 registrations, while February of the previous year recorded 12,055. Notably, over 80% of the total registrations were for residential properties.
Despite the dip in numbers, property consultant Knight Frank highlighted that this performance marks one of the best February results on record, suggesting a period of market stabilization. The consistent property registrations above 10,000 units indicate a strong market, bolstered by positive sentiment among homebuyers, stable economic conditions, and significant ongoing infrastructure projects.
The state government generated ₹925.7 crore from stamp duty, slightly lower than January’s ₹994.5 crore but an improvement compared to ₹885 crore from the same month last year. Daily property registrations averaged 412, showing a 4% increase month-over-month.
Interestingly, there was a 15% rise in registrations for properties priced at ₹5 crore and above, indicating a growing inclination among buyers towards higher-end homes. Meanwhile, the mid-range segment, which represents 56% of total registrations, demonstrated stable demand. Conversely, there was a decline in sales for properties priced under ₹50 lakh, underscoring the challenges faced by buyers in the lower-income bracket.
