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* At 8,576 units sold in October 2021, it stood as the best October in last 10 years.

* 1,441 property registrations undertaken in the first week of November wherein in the interim, registration offices were closed and homebuyers too moved focus to celebrations. Market activity expected to resume this week.

* At current registrations rate, November 2021 will mark sales of cumulative 1 lakh units in year 2021.

Mumbai, November 09, 2021: Knight Frank India, the leading real estate consultancy in the country, noted that Mumbai city (MCGM region) housing market is on track to record a stellar festive season sale. The city recorded 1,441 property registrations during the first week of November, wherein in the interim, registration offices were closed and homebuyers too moved focus to Diwali celebrations. Property market activity is expected to resume this week.

The daily registrations rate increased from 219 in August to 260 in September. In October it recorded 277 registrations when the auspicious Navratri festival was being celebrated. Now, amid Diwali festivities and holidays, 206 daily sales registrations have been recorded and at the ongoing registrations rate, November is likely to mark a cumulative 1 lakh units for the year 2021.

In October 2021, the city recorded 10-year best property sale registrations of 8,576 units growing by 8% YoY compared to October 2020, when the stamp duty rate was at the lowest level of 2%. Homebuyers are now decisively taking a property purchase decision and even while the government stamp duty incentive no longer exists, amenable factors like multi-year low home loan interest rate, attractive property prices and developer festive offers on new projects have hastened the deal closure timelines.

Table: Mumbai city October month property sale registrations

Table: Ticket size wise split of property sale registrations

*INR 1 Cr and below ticket size continues to be key sales driver*

96% of properties sold in Mumbai city are within the INR 5 Cr value segment as per numbers for October 2021. In terms of further ticket size segments, 53% of property sale registrations took place in the INR 1 Cr and below category followed by 43% of registrations that took place in the INR 1 Cr to INR 5 Cr segment. Compared to the stamp duty incentive window period, when mid and high value segment buyers were very active in closing deals, now it has stabilised across price segments.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said “The pandemic experience fueled the culturally deep-rooted yearning of Indian household towards home ownership. The ongoing festivities has complemented the already positive outlook that home buyers had exuded over the past year or so. The same is reflecting on the property registration numbers, wherein we are seeing best levels in consequent months of September and October. The improved sense on economic environment and the rapid COVID vaccination coverage across the country has lent confidence to homebuyers. Hence, even while the government stamp duty incentive has been rolled back, a combination of positive factors like multi decade low home loan interest rate, affordable property prices, and developer offerings on new products and payment flexibility has pushed fence sitters too to take the purchase decision sooner than later.”

Table: Mumbai city monthly property sale registrations

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