Mumbai property market witnesses highest-ever half yearly stamp duty collection
In a nutshell
The strong stamp duty collections can be attributed to registration of properties with higher values and sustained robust demand from homebuyers
Demand for housing in the commercial capital of India continues its upward trajectory with record registrations in first half of CY23. June recorded ~16% of total half yearly registrations taking the number for first half to 62,285. Higher mortgage rates and property prices did not affect conversions and the demand for residential units remains robust. Further, the state exchequer collected INR 5,600 through stamp duty charges, the highest ever collected in half yearly of any year. The number of property registrations have nearly doubled from 5,778 units before COVID to nearly 10,583 today showing sustained strong demand from homebuyers.
With major infrastructure developments and stable demand for homes, the residential real estate market is expected to maintain its growth momentum