Mumbai: City breaks all previous years property sales registrations record of February month

Mumbai city under the BMC jurisdiction recorded a total of 9,805 units of property sale registrations in February 2022. The month’s registration volume is higher than all pre-Covid years in February. Further it also recorded the highest month-on-month (MoM) growth in February since 2013.

The government revenue from property registrations rose 56 per cent year-on-year (YoY) (Rs 549 crore) last month against February 2021, even while registrations were lower by 4 per cent on YoY comparison over February 2021, according to Knight Frank India, a leading real estate consultancy. Last year, during the same period, a lower stamp duty rate window of 3 per cent was offered by the state government.

Chairman and managing director of Knight Frank India, Shishir Baijal said, “As we expected, the property market has regained its sales momentum based on the continuous demand the city has been witnessing. Buyers continue to feel empowered to make their purchases, backed by lower interest rates and price discounts. The end-users do not want to lose out on the opportunity to make their purchase at the right time.”

Developers have also appreciated the upward trend in the real estate sector. Hitesh Thakkar, vice-president, NAREDCO West and partner of Prem Group, a leading Mumbai-based real estate company, said that real estate has become a preferred choice of investment. “Introduction of RERA, digitalisation, less cash transaction are among the main factors that have helped real estate sector in gaining trust and confidence of homebuyers,” he added.

According to a detailed analysis of the micro market by Knight Frank, with a 55 per cent contribution, western suburbs remain the most prominent market in the month of February 2022, followed by 33 per cent of central suburbs. Share of south Mumbai dropped from 8 per cent in January 2022 to 6 per cent in February.