Mumbai Will See 8,756 Property Sale Registrations In November 2022 : Report
According to the report, property sale registrations in Mumbai increased by 15% year on year in November 2022, while government revenue collection increased by 22% year on year.
According to a recent Knight Frank report, Mumbai contributed over Rs 671 crore to Maharashtra state revenue in November 2022, with the city seeing 8,756 units of property sale registrations.
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According to the report, property sale registrations in Mumbai increased by 15% year on year in November 2022, while government revenue collection increased by 22% year on year. While no government incentives have been announced for November 2021 or November 2022,
Mortgage rates and metro cess were raise in November 2022, resulting in a 1% increase in stamp duty over November 2021. Despite this impact, sales in November 2022 increased significantly. The holiday season also played a significant role, with property sale registrations increasing by 4% year on year.
Mumbai Will See 8,756 Property Sale Registrations
According to Frank India, “despite geopolitical headwinds, the Mumbai residential market has grown, supported by strong consumer sentiment and supportive drivers.” As the festival season that drove market sentiment in the previous month comes to an end, November 2022 continues to benefit from the sustained momentum, with YoY increases in property sales and government revenue collection. However, the rate of growth appears to have moderated slightly as a result of rising mortgage rates.
This is evident from the 190 basis point increase in the repo rate, as well as the implementation of the metro cess, in the last six months, which has translated into a 16% YoY drop in property registration in the preceding six months. Nonetheless, homebuyers remain optimistic about their purchase decision, which should help sustain recent period growth trends.
According to the report, the western suburbs accounted for 53% of total registrations in November 2022, while the central suburbs accounted for 35% and South Mumbai accounted for 6%.
Housing units ranging in size from 500 to 1,000 square feet accounted for roughly half of all residential properties registered in November 2022. Compact homes came in second, with 36% of the market in November 2022. Homes ranging from 1,000 to 2,000 square feet were taken up at a rate of 16% in November 2022, while homes larger than 2,000 square feet were taken up at a rate of 2%.
Furthermore, in November 2022, properties priced between Rs 1 crore and Rs 2.5 crore emerged as a preferred ticket size, accounting for 42% of the market. Both of these ticket size bands captured the largest market share, accounting for 83% of demand in November 2022.
Residential properties
Residential properties priced between Rs 2.5 crore and Rs 5 crore increased by 11% in November 2022. The premium market share of properties above Rs 5 crore, on the other hand, remained at 5% in November 2022.
“This festive season Mumbai has witnessed moderate property registrations amidst the hike in interest rates and rise in property prices,” This shows that the main driver of the recent two-year increase in real estate demand has been the historically low loan rates. As a result, the rapid increase in interest rates over a short period of time has had a short-term impact on homebuyers’ attitudes. We want the State Government to intervene and ease the burden on homebuyers by lowering the stamp duty so that the demand may continue.
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