Mumbai’s government earned Rs 10,57 crore in over 11,000 real estate sales in May: Cavalier Frank

According to Knight Frank India, Mumbai has witnessed 11,504 real estate sales registrations in the property market.

Compared with May last year, sales in the actual industry increased by 5.3%.

The surge in real estate transactions has led to revenue from the Maharashtra government, which crossed the stamp duty collection of Rs 1,057 crore during the month.

Meanwhile, local home buyers continue to dominate with 86% of transactions from Mumbai Metropolitan Region (MMR) residents.

On average, 555 property registrations are recorded every day, which is the third consecutive month, and the registration is maintained above the 500 mark every day.

Medium-sized homes are still the most popular, especially apartments with sizes of 500 to 1,000 square feet, accounting for 47% of total sales.

The western suburban market contributes 59% of all registrations.

Knight Frank India also noted that housing demand in Mumbai remains strong.

The real estate company stressed that buyers are increasingly choosing developers in major markets.