Mumbai: City sees dip in property registrations, 9,367 properties sold in December 2022; 9,001 in January

Mumbai: There has been a fall in month-on-month property registrations in Mumbai by 3.90%. In December 2022, 9,367 properties were registered garnering Rs8,35,36,64,043 to the government coffers. Comparatively, in January 2023, 9,001 properties were registered till 9pm on the last day of the month, generating Rs6,91,85,18,928.

As per the trend, the month of January records lesser property registrations as compared to December. In the last 10 years, January has witnessed a month-on-month degrowth ranging from 4% to 45%, according to a property consultancy.

According to industry pundits, in the following months there is likely to be a similar trend of decrease in registrations. This is primarily due to the non-festive season and no immediate auspicious days ahead. In India, the usual trend of high sales of properties, automobiles and consumer durables is witnessed during the festive period during the last six months of a calendar year.

Year-on-Year (YoY), there has been an increase in the total property sales registered in Mumbai, which is contrary to the trend witnessed in December. In January 2022, 8,155 properties were registered as against 9,001 in January 2023. A section of the real estate industry is hopeful of YoY increase ahead.

What is noteworthy is that the sales continue to remain well above the pre-pandemic level, despite global economic headwinds, increase in interest rates and inflationary pressures.

The developers have sought a discount in stamp duty rates that currently stands at 6%, including the Metro cess. If the state government accedes to their demand, there is a possibility of a spike in property sales and registrations, especially at a time of 2023 being a year of recession.

In Mumbai, apartments ranging in the ticket size of 500 to 1,000 sq ft remained the most sought after choice for homebuyers, with almost half of the purchase happening in this range.

Highest sales in last 3 years

Jan 2021; 10,411

Revenue earned

3,05,04,95,546.8

Lowest sales

Jan 2019; 4,605

Revenue earned

3,71,44,21,037

Properties sold in Jan 2022

8,155

Revenue earned

4,78,16,40,819.2