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Estimates anticipate a 3-5% growth for the year, surpassing 1,22,035 registrations. Notably, the surge is driven by upscale properties, comprising 57% of registrations in 2023, up from 54% in the previous year.

Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

Estimates anticipate a 3-5% growth for the year, surpassing 1,22,035 registrations. Notably, the surge is driven by upscale properties, comprising 57% of registrations in 2023, up from 54% in the previous year.

Luxury property sales in Mumbai soared throughout 2023. The sweet spot for homebuyers, particularly in the city's opulent segment, has emerged within the price range of ₹3-7 crore, accounting for a significant 30 to 35% of residential property transactions.
Figures released by Maharashtra's government, aggregated by Knight Frank India, a real estate consultancy firm, revealed a steady increase in Mumbai's real estate sector. From January to November 2023, a total of 1,14,652 property registrations were recorded, marking a modest 2% year-on-year surge compared to the same period in 2022.
Projections for the entire fiscal year foresee a moderate 3-5% growth, amounting to a rise from the previous year's 1,22,035 registrations. Notably, this surge in registrations has been propelled by the upscale market segment, with properties valued at ₹1 crore and above constituting a notable 57% of registrations in 2023, up from 54% in the preceding year.
The revenue generated from property registrations from January to November 2023 escalated by a substantial 23%, reaching ₹9,937 crore. This surge in revenue can be attributed to the simultaneous increase in property sales and prices. Knight Frank India projects a further 22 to 25% growth in total revenue collections this fiscal year for Mumbai, surpassing the ₹8,900 crore recorded in 2022.
Industry experts according to Money Control have identified a shifting trend among homebuyers, showcasing a preference for larger and more luxurious properties within the ₹3 to 7 crore price bracket. Developers in Mumbai's western suburbs have noted a faster turnover in units priced within this range compared to more affordable alternatives ranging between ₹1 to 2 crore.
The Mumbai luxury property market is poised for continued expansion, fostering optimism among developers and buyers alike as they look forward to another promising year ahead. Also Watch: <a href="https://www.editorji.com/business-news/economy/ultra-luxury-homes-see-247-y-o-y-sales-value-surge-in-2023-1701343826641#google_vignette">Ultra luxury homes see 247% Y-O-Y sales value surge in 2023</a>

The Indian government is considering changing the insolvency code to permit the registration of flats in finished developments, even if the developer is through insolvency resolution

Government considers registering apartments even if the developer is bankrupt

The Indian government is considering changing the insolvency code to permit the registration of flats in finished developments, even if the developer is through insolvency resolution

The government is mulling permitting registration of flats in finished projects even if the developer is going through insolvency resolution.
Given the difficulties in resolving bankruptcy in the housing sector, where homebuyers are also considered financial creditors under the Insolvency and Bankruptcy Code (IBC), it might also make it possible for the National Company Law Tribunal (NCLT) to consult the appropriate Real Estate Regulatory Authority (RERA).
The proposed action is anticipated to relieve thousands of homeowners who face the possibility of seeing their money disappear when builders fail.
Additionally, this can inspire homebuyers to complete their mortgages and gain ownership. Once a developer has filed for bankruptcy, buyers are frequently hesitant to finish payments.
More than 100 housing projects are reportedly blocked or delayed in the National Capital Region's Noida and Greater Noida sectors alone.

Air hostess dies after falling from apartment in Bengaluru; mother says boyfriend pushed her

Dhiman's mother has claimed that her daughter was pushed by her male on the intervening night of Friday and Saturday with a clear intention of killing her.&nbsp;

A 28-year-old air hostess reportedly working with a reputed Airlines fell to her death from the fourth floor of an apartment in Bengaluru's Koramangala.&nbsp;
According to the Indian Express, the deceased identified as Archana Dhiman, flew down from Dubai to meet her male friend who works as a software engineer in the city.&nbsp;
Dhiman's mother has claimed that her daughter was pushed by her male on the intervening night of Friday and Saturday with a clear intention of killing her.&nbsp;
However, the Police have said that at the time of incident, Dhiman was heading to the outdoor balcony and unfortunately slipped from the fourth floor. She was inebriated state, the report added.
Citing Police sources, news agency IANS said, chances of foul play cannot be ruled out in the case.
Also Watch: <a href="https://www.editorji.com/india-news/govt-built-toilet-collapsed-on-a-5-year-old-in-up-boy-died-on-the-spot-claims-family-reports-1678696494337">Govt-built toilet collapsed on a 5-year-old in UP, boy died on the spot, claims family: reports</a>

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