In a positive development, the country’s premier city Mumbai saw a 78 per cent jump in property sale registrations to 9,523 units during May, the best in a decade. According to a report by real estate consultant Knight Frank India, it contributed over Rs 709 crore to the state’s revenue. Half the registrations were in the price range of Rs 1 crore and above, while apartment sizes between 500-1,000 sq ft were the most preferred among buyers.
“Mumbai city (BMC area) saw property sale registration of 9,523 units in May 2022, contributing over Rs 709 crore to the state revenue. The number of units registered in May 2022 was the best in a decade for the month of May, while the monthly state revenue collection was at a 10-year high for the month of May. 54 per cent registrations were in the price band of Rs 1 crore and above; Whereas in terms of apartment size, houses between 500-1,000 sq ft were the most preferred category of property registered in May 2022,” Knight Frank India Told.
It recorded property sale registrations of 9,523 units in May 2022, a growth of 78 per cent. The low sales registrations recorded in May 2021 have led to a substantial increase as the month was put under lockdown due to the impact of the second wave of the COVID-19 pandemic.
“As compared to April 2022, May 2022 registered a 19 per cent mother (month-on-month) decline in property registration. The drop in mother’s registrations can also be explained by advance purchases by the March 31, 2022 deadline, when homebuyers can potentially save the cost of a 1 percent Metro cess. With congestion behind us, the registration momentum has now returned to regular market activity which is devoid of such externalities,” the report said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the real estate market in Mumbai remained stable despite inflationary pressures, rising cost of living and increase in stamp duty. Due to a paradigm shift in approach, homebuyers, who now see ownership as key to long-term sustainability, were more inclined to complete their purchases, while affordability remained within acceptable limits.
“Going forward, rising economic pressures will play their part, with other factors such as increased household savings and mid- to long-term financial stability as well as a stronger economic outlook helping the home buying momentum to continue,” he added.
Ram Naik, Director, The Guardians Real Estate Advisory, said that seeing a remarkable number of property registrations in April and May, this is good news for Mumbai’s real estate market. “This once again proves that the increase in property prices due to increase in 1 per cent metro cess and stamp duty has not affected the real estate market. There is a real demand for homes in the MMR market and if the government had continued with some relaxations, we would have seen a big boom in this new financial year as well.
read all breaking news , today’s fresh news And IPL 2022 Live Updates Here.