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Mumbai records 21% YoY growth in property registrations in June 2022; State Government revenue rises by 66% YoY: Knight Frank India
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* June 2022 recorded best registrations for all the corresponding months in 10 years
* State government revenue collection crosses INR 697 Cr, up 66% YoY.
* Property sales registration momentum maintained; daily registration rate at 318 compared to 317 in May 2022
* State Government revenue collection in H1 2022 (Jan – Jun 22) grew by 61% YoY.
Mumbai : Knight Frank India, the leading real estate consultancy in the country, in its latest assessment noted that Mumbai city (BMC area) saw property sale registrations of 9,525 units in June 2022, contributing over INR 697 Crores (Cr) to the state revenues. The number of units registered in June 2022 was the best in a decade for the month of June. 52% registrations were in the price band of INR 1 Cr and over while in terms of apartment size homes ranging between 500-1000 sq ft was the most preferred category of property registered in June 2022.
The strong property registrations momentum continued in June 2022, when in addition to the implementation of metro cess that effectively increased the stamp duty by 1% since April 2022 and cumulative repo rate hike of 90 basis points stretched home buyer affordability. June recorded the decadal best performance for its corresponding month. The consumer sentiment remained unhindered in the latest numbers with the average daily registration rate for June 2022 remaining above 300.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said "Mumbai real estate market continues to witness robust demand with strong consumer sentiment towards home ownership anchoring growth. Even with an increase in home loan interest rate and property price rise, these numbers have been achieved because of amenable affordability level and strong domestic economy. The continued momentum of demand has ensured that state government revenues also witness unabated growth. Revenues from Stamp duty collection has increased significantly over the same time last year. We expect the sales velocity to maintain pace in the next few months as economic growth continue.”
Mumbai city property sale registrations for the month of June
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