Mumbai real estate keeps its growth momentum going in the New Year 2025. According to the data of IGR (Inspector General of Registration), Maharashtra Government, the city crossed the property registration mark of 9,200.
The majority of registrations are from the residential vertical and are likely to cross 10,000-mark by the end of January 2025.
By far, Maharashtra Government yielded a revenue of Rs. 740 Crore from 9,212 property registrations. It is in the form of stamp duty and registration fees collected from real estate transactions. The said amount is collectable latest till 10 am on 27th January 2025.
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The official data reflects 10,967 property registrations in Mumbai during January 2024. The revenue collection for the same tenure values at Rs. 760 Crore.
Property Registration in Mumbai during 2024 was Highest
According to the report published in Hindustan Times, 2024 witnessed the highest property registration in the last 13 years. Before 2020, property registration was below 1 lakh, while it stood at 1.26 lakh in 2023, 1.22 lakh in 2022 and 1.11 lakh in 2021.
Earlier in December 2024, the city was estimated to record 12,418 property registrations and yield revenue of Rs. 1,134 Crore. In comparison to what Mumbai real estate recorded a year ago.
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The report assesses properties equal to and above Rs. 2 Crore marked 23% registration in December 2024. While it stood at 18% during 2023. The total transaction of 2,879 immovable assets, exhibits investors’ inclination towards luxury homes.
However, a massive drop is witnessed in the registration of affordable homes from 30% to 25%. The downfall of interest in budget-friendly homes hints at higher income and interest of homebuyers.
According to the report published in Hindustan Times.
One State, One Registration in Maharashtra
By April-end, property buyers in Maharashtra are likely to register property in a hassle-free manner.
Maharashtra Government is working on One State One Registration, a scheme announced by Devendra Fadnavis, Maharashtra Chief Minister. Ravindra Binwade, Inspector General of Registration said.
The homebuyers will now be able to complete the registry by visiting any sub-registrar office, irrespective of the location.
“A Mumbai resident need not travel to Pune to execute a sale deed for property. They can simply visit their local sub-registrar,” Binwade said. He also said this move is expected to unclog registration offices and curtail processing times.