Consumer sentiment remains upbeat,over 11,700properties registered for sale in April 2022: Knight Frank
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* State government continues togain with revenue collection growing by 43% YoY in April 2022
* Property sale registrations in April 2022 witness a 16% YoY rise
Knight Frank India, the leading real estate consultancy in the country, in its latest assessment noted that Mumbaicity (MCGM area)saw property sale registrations of 11,744units inApril 2022, contributing over INR738Crores (Cr) to the state revenues.The number of units registeredin April 2022 was the best in a decade for the month of April, while monthly state revenue collectionswereat a 10-year high for the April month. 55%registrations were in the price band of above1 Cr while in terms of apartment size, mid-sized homes (ranging between 500-1000 sq ft) were the most preferred category of property registered in April 2022.
PROPERTY REGISTRATION MOMENTUMSTRONG
April 2022 recorded property sale registration of 11,744units making it the best April month in the decade,followed by April 2021 when sale registrations of 10,136 units took place. Bothwere preceded by record high March months, where March 2021 gained traction as it markedthe end of stamp duty waiver (3% stamp duty applicable rate), while March 2022 saw higher sales as it was thelast month before introduction of additional 1% metro cess.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said “It is heartening to see the continuous momentum of property sales, which has helped April 2022 register a decadal best performance for its corresponding months. The state government has continued to gain in terms of revenues. Even while outflows towards property purchase have increased due to metro cess, other factors like prices, home loan rates, household income and savings, financial security etc. have remainedstable,encouraging buyers to conclude their purchases. We expect these sentiments to continue despite cautions of rising inflation and geo-political challenges, as home ownership is considered a safety net against such challenges.”
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