The country-wide large increase in home loan interest rates had no effect on Mumbai’s property registrations during the holiday season. The State’s revenue department saw the second-best Diwali season in the previous ten years, after October 2020. Continue reading to learn about the performance report and the forecast for the coming months!

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Industry reports indicate that the Brihanmumbai Municipal Corporation (BMCjurisdictional)’s areas have registered 8,276 residential units, generating approximately Rs 705 crore in revenue. Due to the Reserve Bank of India’s (RBI) repo rate increases. The city’s overall performance has restored renewed trust in the real estate market despite rising home loan interest rates.

10-month performance evaluation for Mumbai

The festive season of October 2022, saw the second-best Diwali season after Diwali 2020, in the recent 10 years.” It is important to note that the stamp duty reduction implemented by the State in the pandemic was the main driver of the approximately 9,300 units of property registered in Mumbai during Diwali 2020.

Between January & October 2022, the number of property registrations in Mumbai increased by 9% YoY, or about 1, 03,557 units. As a result, the city saw over a lakh registrations for the first time in ten years and collected over Rs 7,300 crore in the allotted time, representing a gain in revenue of 53% annually.

Effect of fewer working days on the registration of properties

Despite such a positive holiday season, there was a three percent decrease in registration units in October 2022 compared to October 2021. 8,576 apartments were registered for sale in the city during the same time period last year. Due to many holidays for Dussehra and Diwali, there were fewer working days in October this year, which is why there was a discrepancy. Compared to previous months with 20–22 working days, October has about 18 working days.

Overall, Mumbai experienced more registration activity throughout the holiday season. But the fewer working days had an impact on the trend and reduce the number of registrations that would have otherwise been processed.

Will Mumbai’s rate of property registrations keep rising sharply?

Due to an increase in repo rates of 190 basis points since April 2022. The home loan rates have increased from 6.5 percent to 8.5 percent. Despite this, it is anticipated that Mumbai’s revived desire for homeownership will maintain the trend. Industry veterans think that October 2022’s shorter workweek has only marginally slowed down the registration process. And much more property registrations are anticipated in the city in the coming months.

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