Property sale registrations in Mumbai region for March 2022 stood at 15,717 units, a rise of 51% month-on-month, according to Knight Frank India. This big MoM spike was owing to the challenges faced in the previous two months month on account of the third wave of Covid, which reduced movement.
The registrations were lower by 11% over March 2021 on a year-on-year comparison, however revenues came in at 1804 crore. Registration data is of transactions made in both primary and secondary (re-sale) residential markets.
The number of units registered in March 2022 was the third best in a decade, while monthly state revenue collections were at a 10-year high, Knight Frank said.
Maximum registrations were in the price band of ₹1-5 crore while in terms of apartment size, mid-sized homes (ranging between 500-1000 sq ft) were the most preferred category of property registered in March 2022.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “Strong demand and a catalyst, such as the impending metro cess from 1st April 2022, have motivated buyers to hasten their purchase decision.”
The residential market in Mumbai has maintained its pace for a significant period after the demand stimulants have been withdrawn, he said, and hoped that the latent demand would remain strong, backed by low home loan rates and stable home prices.
“The change in stamp duty structure as well as the rise in input costs and an upward trend in retail inflation are worrisome. These can pose challenges for the sustenance of this demand especially from end users. We hope that the state government will take constructive measures to ensure the sector can remain buoyant in the future,” Baijal said.
Properties with a ticket size of ₹1 crore and below made up 46 per cent of all registrations in March 2022. The share of properties with ticket size of ₹1-5 crore stood at 49 per cent, while 5 per cent of properties were purchased in above ₹5 crore segment.
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