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

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