Over 7,700 properties registered in Mumbai in January 2022; government revenues rise by 48% Y-o-Y in January 2022 : Knight Frank India
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• January 2022 recorded property sale registrations of 7,732 units,20% MoM (Month-on-Month) drop
• Average daily sales rate of 249 achieved in January 2022
• Impact of Omicron with consumers and developers moving cautiously
Mumbai, January 31, 2022: Knight Frank India, the leading real estate consultancy in the country, noted that Mumbaicity (MCGM region)saw total property sale registrations of 7,732 units in January 2022. This is owing to the challenges faced in the initial part of the month on account of the third wave of COVID, that reduced movement. The per day average for property registrations was recorded at 249. The government revenue from property registrations was recorded at INR 453 Crores in January 2022. While the registrations were lower by 26% on a year-on-year comparison over January 2021, revenues have increased by 48% in the same comparison. Last year same period had the lower stamp duty rate window (3%) and was not as severely inflicted by COVID. Additionally, January 2022 registration volume is higher than all pre-COVID January months. More than 500 sf category continues to dominate in MCGM region with 60% sales despite the government sop to abolish property taxes. 45% of all sales in January 2022 were in categories above 500 – 1000 sf.
Table: Mumbai city January month property sale registrations
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