Mumbai Residential Real Estate: Market hits a new peak with record-breaking sales and record-low YTS

In a nutshell

Continued momentum in Mumbai residential market with historic property registrations, sales and launches in 9MCY23

Another record year for Mumbai residential market

Over 1.14 lakh property registrations done during the first 11 months of this year (Jan-Nov 2023) – 102% of the property registrations recorded in CY22(2)

Stamp duty revenues in CY23 set to cross INR 10,000 crore for the first time – increased from INR 5,352 crores in 2021 to INR 8,066 crores in 2022 and then to INR 9,922 crore in the first 11 months of this year (Jan-Nov 2023)(2)   

Sales and launches in Mumbai were at a historic high, signalling continued momentum in the residential market                                                   

    • Residential sales in 9MCY23 have already reached 91% of CY22 sales
    • Despite new launches, YTS(1) (expected time to liquidate the unsold inventory) has reduced to 2.7 years in Sep 23 from 5.0 years in Sep 21

Increase in home loan rates have been absorbed well – despite the last hike in repo rate by RBI in Feb-23 (overall 250bps hike over 9 months), Mumbai’s property market has remained robust with record-breaking sales

Source Name: Certus Capital

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