Mumbai’s real estate sector witnessed a remarkable surge in property registrations, with a noteworthy collection of INR 865 crore in stamp duty during the month of February 2024. According to data released by the Maharashtra government’s Department of Registrations and Stamps (IGR), this marks a substantial 21% increase in property registrations compared to the same period last year.
Setting New Records: The month of February 2024 has etched a new milestone, securing the highest number of property registrations in Mumbai for any February month in the last 12 years. This surge surpasses the previous peak recorded in February 2022, driven by renewed confidence and pent-up demand post the pandemic’s initial impact. However, the recent spike is attributed to a positive shift in attitudes towards homeownership and rising income levels, as outlined in a Knight Frank India report.
Revenue Dynamics: Despite the impressive surge in property registrations, there was a 22% year-on-year decrease in revenue from stamp duty collections. The decline is linked to exceptionally high stamp duty collections in the preceding year, prompted by the government’s decision to limit tax deductions on capital gains from the sale of residential property post-March 31, 2023. However, on a month-to-month basis, overall property registrations and stamp duty collections showed a resilient growth of 7% and 14%, respectively.
