Subhechcha Ganguly 
Stamp duty revenue also decreased by 3% last month, from $859 billion in June 2022 to $832 billion. According to the survey, the proportion of properties costing more than one crore rupees increased throughout the first seven months.82% of the total registered properties were residential units, with non-residential assets making up the remaining 18%.Despite a drop in citywide property registrations in July, the recorded number of 10,214 units was still higher than the 12-month average of 9,814 units.
The survey noted that in the first seven months, there were an increasing number of homes priced above one crore. According to the Knight Frank analysis, the proportion of properties sold for less than Rs. 1 crore decreased from 51% in January-July 2020 to 46.9% in January-July 2021 to 46.5% in January-July 2022 to 43.5% in January-July 2023. Comparatively, the sale of more expensive residences increased from 47.9% from January to July 2020 to a peak of 56.5% from January to July 2023.According to Shishir Baijal, Chairman & Managing Director of Knight Frank India, “Consumers continue to show enthusiasm for homeownership even in the face of numerous obstacles in Mumbai’s residential market.
The founder and CEO of Viceroy Properties, Cyrus Mody, reacted to the sales figures by stating, “The Mumbai real estate market is witnessing a significant transition. This is supported by the quick infrastructural improvement, renewed interest among the general populace, and the need and pride that people have for their own homes. Home sales are increasing, especially for luxury houses in rising micro markets, as a result of this sentiment and the rise in per capita income. This trend will continue, and the demand for luxury housing will increase significantly throughout the coming holiday season.
