Mumbai city under the Brihanmumbai Municipal Corporation (BMC) recorded a total of 9,805 units of property sale registrations in February 2022. In fact, February 2022 registration volume is higher than all pre-COVID February months. 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) to be recorded at Rs 549 Crores in February 2022 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 lower stamp duty rate window of 3 per cent was offered by the government of Maharashtra.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, commented, "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. In the end, users do not want to lose out on the opportunity to make their purchase at the right time."
Similarly, 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, has said that real estate has become a preferred choice of investment.
"Introduction of RERA, digitalization, less cash transaction are among the main factors that have helped real estate sector in gaining trust and confidence of homebuyers. With more new reforms, I believe the upward momentum in the sale of houses will continue," he said.
According to the Knight Frank detailed analysis of the micro-market, with a 55% contribution, Western Suburbs remain the most prominent market in the month of February 2022, followed by 33% of Central Suburbs. Share of South Mumbai dropped from 8% in January 2022 to 6% in February 2022.
