Property sale registrations in Mumbai at decade high

Hyderabad: Real estate consultancy firm Knight Frank India on Monday said that Mumbai city (MCGM region) property sale registrations have crossed the 1,00,000 mark for the first time in a decade. The earlier high during the last 10 years was 80,746 units in 2018.

Registrations during January-November 2021 period is 122 per cent higher compared to same period of 2020. Government earned a revenue of Rs 5,351 crore during the same period.

Shishir Baijal, CMD, Knight Frank India, said: "The consumer sentiment in Mumbai housing market remains strong. Low house prices, low home loan interest rate and new project launches helped the rise in property sale registrations. The threat of new Covid-19 variants and health care response will determine the market in near future." In November 2021, the market recorded registrations of 7,582 units or 18 per cent YoY decline when compared to same month last year when the stamp duty rate was at its lowest level of two per cent.

Compared to the previous month, the registrations are lower by 12 per cent MoM. In October 2021, the city had recorded a decadal best October month property sale registrations. At 8,576 units, the registrations increased by 8 per cent YoY compared to October 2020, when the stamp duty rate was at the lowest level of two per cent. With the momentum in November 2021, sales registrations have crossed the 100,000 registrations benchmark for 2021. The share of Rs one crore and below segment is at a five-month high of 58 per cent. In the latest 3 month period, it has increased from 51 per cent in September 2021 to 53 per cent in October 2021 and now stands at 58 per cent. The share of women homebuyers fell to a 6-month low of 2.8 per cent in November 2021, the earlier low was 1.8 per cent in May 2021.