Mumbai, 31st May 2023: The real estate market in Mumbai has experienced a slight decline in home sales during the month of May. According to reports, a total of 9,661 houses were sold, generating a revenue of Rs. 820 crore in stamp duty for the state government. This comes after the sale of more than 15,000 houses in April, indicating a modest dip in sales figures.
The expectations of a post-pandemic boom in the construction business have not materialized, as house sales remained stable in 2022 without any significant increase. This trend seems to be continuing in 2023, with sales ranging between 9,000 and 13,000 houses over the past five months.
In January, 9,000 houses were sold, generating a revenue of Rs. 692 crore. The following month, February, witnessed a slightly higher number of sales, with 9,684 houses sold and a revenue of Rs. 1,111 crore. However, March saw a notable surge in home sales, surpassing the 13,000 mark. A total of 13,151 houses were sold, resulting in a revenue of Rs. 1,225 crore.
Despite the upward trend in March, April experienced a minor decline in home sales, with 10,514 houses sold and a revenue of Rs. 899 crore. The downward trend continued into May, where a total of 9,661 houses were sold, generating a revenue of Rs. 820 crore. It is worth noting that May typically witnesses a slowdown in home sales, while the period around Dussehra and Diwali sees an increase in housing demand.
Market analysts anticipate a potential rise in house sales during the months of September and October, aligning with the usual trend of increased activity during the festive season. However, the real estate market will continue to be closely monitored for any fluctuations or shifts in the coming months.