October 2022 Was a Golden Month For Property Sales in Mumbai

As the holiday season and various perks & discounts offered by real estate developers across Mumbai encouraged homebuying in October 2022, Mumbai, India's largest and most costly real estate market, continued to collect stamp duty at a record pace.

In the first ten months of 2022, the nation's financial capital reached one million registrations and recorded its second-best Diwali performance.

In October 2022, the real estate market in Mumbai achieved a new monthly stamp duty collection high. According to data from the Inspector General of Registration, Maharashtra, the market has recorded more than 8,358 property sales, generating more than Rs. 717 million in income. Even though there were fewer registrations in October than in the same month of the previous year, the state exchequer earned 30% more in stamp duty revenue.

After Diwali 2020, which got the stamp duty cut boost, Diwali 2022 was the second-best festival season for residential sales in Mumbai city. Despite the obstacles provided by growing house loan interest rates and property prices, homebuyers remained committed to their decision. In 2020, when Diwali occurred in November, the lowest stamp duty encouraged the biggest number of registrations, around 9,300. The incentive was vital to reviving the real estate market in Mumbai.

In only 10 months, property registrations have reached 1 million for the first time in a decade at this early stage of the year, indicating robust sales momentum in 2022, aided by October purchases.

A total of 103,557 properties were registered between January and October of 2022, a 9% increase from the previous year. During the same period, the government's revenue collection climbed by 53 percent, the largest rise in the preceding decade, topping INR 7,300 billion.