Fastest 100,000 property sale registrations recorded in Mumbai this year: Knight Frank India
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* 10 months revenue collection crosses INR 7,300 Cr and is up by 53% YoY
* Highest property sale registrations in January to October period in last 10 years;for the first-timecrosses 100,000registrations within 10 months.
* Second best Diwali sales in 10 years, following Diwali in 2020 that benefited from stamp duty cut
Mumbai : Knight Frank India, the leading real estate consultancy in the country, in its latest assessment noted that Mumbaicity (BMC area)saw property sale registrations of 8,276 units in October 2022, contributing over INR705Crores (Cr) to the state revenues.
The Diwali festival has bought cheer to the Mumbai’s property market,as it continues to hold strong despite persistent headwinds. The cost of housing is on an upward trajectory due to a series of reasons including implementation of metro cess increasing the stamp duty by 1 percent, developers opting for price rise to combat rising input costs and rise in housing mortgage rates as repo rate increased by 190 BPS within the last two quarters to control the inflation pressures. Notwithstanding these headwinds, affordability is still supportive of demand and backed by positive sentimentin the festival season,residential market has performed well in October 2022.
October 2022,which was the festive month, has recorded the second-best Diwali period sales in the last 10 years other than Diwali of2020 when stamp duty cut incentive was being offered. The Diwali of 2020 falling in November 2020 recorded a property registration of 9,301 units with the incentive and played a vital role in reviving the property market of Mumbai city.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Other than Diwali 2020 which had the stamp duty cut boost, Diwali 2022 was the second-bestfestive season for residential sales in Mumbai city. Consumers continued to go ahead with their house buying decision despite the challenges of increased home loan interest rate and property prices. With renewed enthusiasm for home ownership, supportive affordability level and domestic economy reflecting strength, we hope that the market has a runway for housing sales growth. However, as headwinds intensify, there could be a moderation in momentum.”
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