saw mumbai property sale registration According to real estate consultancy Knight Frank India, it clocked 15,717 units in March 2022, the third best in a decade, and contributed over Rs 1,084 crore to the state’s revenue. Monthly state revenue collection was at a 10-year high. Most of the registrations were in the price range of Rs 1-5 crore. In terms of apartment size, medium-sized houses (between 500-1,000 sq ft) were the most preferred category of property registered in March 2022. The 15,717 property registrations in March were the best monthly volume achieved in the last 12 months.
The earlier peaks were registered in December 2020 and March 2021 with 19,581 and 17,728 units respectively, both within the period when the stamp duty incentive was in force. Even in the last 10 years, March 2022 was the third best performer. Property registrations in February 2022 saw a month-on-month (MOA) increase of 51 per cent. However, the year-on-year (y-o-y) registration was lower by 11 per cent as compared to March 2021. A report by Knight Frank.
The months before any upward revision of stamp duty have seen accelerated activity in registration of properties as buyers rush to take advantage of the lower rate, the report said.
“Mumbai, Thane, Navi Mumbai, Pune, Nashik and Nagpur gained some momentum on March 2022 due to the one per cent Metro Cess applicable from April 1, 2022. Having said that, the rush to register properties is a strong indicator of continued strong demand in Mumbai and reiterates that any catalyst will lead to a spurt in activities,” the report said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The financial year will close on a high note for the Mumbai property market as March 2022 has recorded a revenue of Rs 1,084 crore for the state exchequer. Strong demand and a catalyst, such as the imminent Metro cess from April 1, 2022, has prompted buyers to expedite their purchase decision.”
He said the change in stamp duty structure as well as increase in input cost and rise in retail inflation are worrying. “These may create challenges to sustain this demand especially from the end users. We are hopeful that the state government will take constructive steps to ensure that the sector continues to grow in the future.”
Daily registration averages at 507, highest in 12 months
As per the report, the daily average for property registration was recorded at 507, which is the highest in the last 12 months. During March 16-31, a higher daily registration rate of 593 was registered as compared to 415 recorded in March 1-15, 2022. “This increase in momentum was due to an imminent increase in the associated cost of property transactions. Additionally, rising raw material costs due to the prevailing geopolitical pressures is also weighing on consumer sentiment, which is expected to have a cascading effect on prices.
Top-selling in the up-to-1,000-sq ft housing segment
Preference was given to houses of 500-1,000 sq ft during March 2022, which was 48 per cent of the total registrations in the month. This was followed by compact homes of up to 500 square feet with a share of 36 per cent. Under-500-sqft-carpet-area homes had earlier received a government incentive of 100 per cent relief in property tax effective from February 2022, which is expected to provide further impetus to the affordable housing segment. Houses of 1,000-2,000 sq ft accounted for 13 per cent of the total registrations.
Holds 49% stake in properties with ticket size of Rs 1-5 crore
As per the report, properties with ticket size of Rs 1 crore and less made up 46 per cent of all registrations in March 2022, compared to 48 per cent in February 2022. 5 crore increased to 49 per cent in March from 48 per cent in February 2022. Five per cent of the properties were bought in the above Rs 5 crore segment.
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