Mumbai, Nov 30 : The city of Mumbai is projected to record over 9,419 property registrations in November, generating more than Rs 826 crore in revenue for the state exchequer, according to a report on Saturday.

Revenue collections inched close to the 11,000 crore milestone in November ' the fastest growth in a decade ' with a 10 per cent rise (YoY).

In the 11 months this year, Mumbai recorded 127,987 property registrations, marking a 12 per cent year-on-year increase.

This sustained activity in property transactions reflects increasing economic prosperity and continued sentiment toward homeownership among Mumbai's residents.

'Mumbai's property market continues to demonstrate remarkable resilience and adaptability to evolving buyer preferences. The sequential dip following the festive-driven surge in October reflects a natural phase of market consolidation,' said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

Significantly, the increasing demand for premium properties and larger living spaces underscores a decisive shift towards quality, value, and long-term investment in Mumbai's ever-dynamic real estate landscape, he added.

Higher value properties worth Rs 2 crore and above make up over 23 per cent of the property registrations, up from 17 per cernt earlier.

Transactions in this segment totalled to 2,147 properties. Meanwhile, the share of properties valued at less than Rs 50 lakh dropped sharply, falling from 28 per cent in November 2023 to 20 per cent this month.

Compared to the November last year, property registrations noted a modest decline of 3 per cent, while stamp duty collections increased by 16 per cent year-on-year, driven by a notable rise in high-value transactions, according to the report by Knight Frank India.

On a sequential basis (month-on-month), property registrations saw a decline of 27 per cent, with revenue collections decreasing by 31 per cent.

/IANS