Registration of properties in Mumbai falls by 3% to 8,276 units in October 2022 - Details

Registration of properties in Mumbai municipal region stood at 8,276 units in October, down 3 per cent from the year-ago period, as sales momentum moderated despite festive demand, according to Knight Frank India.

In October 2021, as many as 8,576 units were registered in Mumbai city (BMC area).

Real estate consultant Knight Frank India said that Mumbai city (BMC area) saw property sale registrations of 8,276 units in October 2022, contributing over Rs 705 crore to the state revenues.

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"October 2022, which was the festive month, has recorded the second-best Diwali period sales in the last 10 years other than Diwali of 2020 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," Knight Frank said in a statement.

Property registrations grew by 9 per cent Year-on-Year (YoY) to 1,03,557 units during January-October 2022.

"Highest property sale registrations in January to October period in last 10 years; for the first-time crosses 1,00,000 registrations within 10 months," Knight Frank said.

The government revenue collection grew 53 per cent YoY, best in the last 10 years, crossing Rs 7,300 crore in this period.

Knight Frank India CMD Shishir Baijal said: "Other than Diwali 2020 which had the stamp duty cut boost, Diwali 2022 was the second-best festive 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, Baijal hoped for housing sales growth. "However, as headwinds intensify, there could be a moderation in momentum."

Interest rates on home loans have risen to around 8.5 per cent from 6.5 per cent in the last six months following repo rate hike by 190 basis points since May.