Below is Perspective on June 2022 registration data in Mumbai By Mr. Ram Raheja, Director at S Raheja Realty
''As Mumbai records 21% YoY growth in property registrations in June 2022; State Government revenue rises by 66% YoY. This reiterates the projections of consistent growth and an upward trajectory of demand especially for premium homes. The Luxury residential segment observed strong growth with the share rising to 41% in June 2022 out of the total sales numebr. The requirement for residential properties above 1000sq ft is seen to stay in demand. Additionally, the demand is observed to keep flowing in with a positive outlook for the coming months of 2022 despite the increased stamp duty from April 2022 and increase in interest rates. We expect this segment to drive sales activity and witness renewed investor interest, fueled by the anticipated appreciation in capital values and increased activity by HNIs and NRIs.
The top luxury micro-markets in Mumbai are Khar, Juhu, Santacruz, South Mumbai, and more. Bandra alone contributes about 20 percent of the overall Mumbai luxury market. Mumbai has performed exceptionally, and the demand will remain strong, backed by stable home prices and increased emphasis on the need for large living spaces. end-user-use takes precedence over speculative investment and buyers become more informed, developer reputation, execution capabilities, and financial position would play a bigger role in home purchase decisions.''
Above views are of the author and not of the website kindly read disclaimer