Home registration in Mumbai down 4% to 9,805 units in February: Report

Registration of homes in the Mumbai municipal region fell 4 per cent year-on-year to 9,805 units in February this year, according to a property consultant.

As many as 10,172 units were registered in the same month last year. However, homes registrations in February rose 20 per cent from 8,155 units in the previous month.

Knight Frank India said in a statement that Mumbai city (MCGM area) witnessed a total property sale registration of 9,805 units in February 2022. The data includes the registration of homes purchased in primary and secondary (re-sale) markets.

Knight Frank India Chairman and Managing Director Shishir Baijal said, ''As we expected, the Mumbai property market has regained its sales momentum based on the continuous demand the city has been witnessing''.

The buyers continue to feel empowered to make their purchases backed by lower interest rates and price discounts, he added.

''The end–users do not want to lose out on the opportunity to make their purchase at the right time,'' Baijal said. Given that buyer conducive conditions have now lasted for over a year, he said there is a sense that very soon developers may reduce or stop providing attractive offers.

''Interest rates may also rise if the RBI raises the Repo rate to control inflation,'' he noted.

Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are the major players in Mumbai's primary housing market.

(With inputs from PTI)

Published on: Monday, February 28, 2022, 04:42 PM IST