Mumbai: New property registrations fall 11% in February

Registration of properties in Mumbai city fell 11 per cent year-on-year in February to 9,268 units amid rise in interest rates on home loans, according to Knight Frank India.

As many as 10,379 properties were registered in February last year. Registration of properties stood at 10,172 in February 2021.

Real estate consultant Knight Frank India in a statement said Mumbai city (area under BMC jurisdiction) saw property sales registration of 9,268 units in February 2023.

The registration of properties contributed over Rs 1,084 crore to the state revenues. Of the total properties registered, 82 per cent were housing properties while 18 per cent were non-residential properties.

Shishir Baijal, Chairman & Managing Director of Knight Frank India, said, "The state exchequer made significant revenues from property registration due to a rise in average value of properties registered in February 2023." In February, the average value of properties registered was recorded at Rs 1.9 crore which is 65 per cent more than the average value of properties registered in February 2022 at Rs 1.18 crore, he said.

"Besides, the rise in value, contribution from the Metro Cess has also added to the revenues. This has led to a decadal high revenue collection for the month of February at an average of Rs 39 crore per day," Baijal said.

This is an indicator of the buoyancy in the mid and high-end segment, which continues to show strength despite headwinds, he added.