In August, something remarkable happened in Mumbai. The place where many people live and work saw a big number of homes being officially registered. For the third month in a row, more than 10, 000 properties were registered here. That’s a lot!
Big Number of Properties Registered
In a place called the Mumbai Metropolitan Region, which includes areas under the control of the BMC, which is like the local government, more than 10,000 properties were registered. This brought a lot of money, around Rs 790 crore, to the government. This money comes from something called stamp duty that people pay when they register their properties.
More Homes Registered, More Money for Government
Compared to the year before, there were 23% more properties registered this year. This means more people bought homes. Out of all the registered properties, which means the properties that were officially recorded, 80% were homes where people would live. The other 20% were properties that were not for living, like offices or shops.
August 2023 – A Special Month
In August 2023, Mumbai reached an important point. This month became the most successful August in the past ten years. This success is measured by the number of properties registered and the money the government received from it. It’s a big achievement!
More Expensive Homes Registered
In the last few years, the number of properties that cost more than Rs 1 crore has been increasing. In 2020, only 48% of registered properties were this expensive, but now in 2023, it’s around 57%. This means more people are buying really costly homes. The reason is that home prices have gone up, and many people now want bigger homes.
Positive Outlook for Housing
A person named Shishir Baijal, who is in charge of Knight Frank India, says that even though home prices are going up, people still want to buy houses. This is because people are choosing bigger homes due to the higher prices. So, the housing market, which means the market where homes are bought and sold, looks good.
More Homes in Central and Western Suburbs
In parts of Mumbai called the central and western suburbs, more new homes are being built because people want them. This is because many people want to live there, so builders are making more houses.
A Lot of Homes Registered in 2023
In the first eight months of 2023, around 83,263 properties were registered in Mumbai. This made the government richer by Rs 7,242 crore. This is a lot of money that the government can use for important things.
So, in Mumbai, a lot of homes are being officially registered, and this is making the government happy with more money. People are still buying homes even though prices are higher. It’s a good sign for the city’s housing market!
