Registration of properties in Mumbai witnesses 15% rise: Knight Frank India report

As much as 15% of properties registered in July were filed in March 2022 and around 7 per cent of these deals were filed in June 2022.

Sanjay JogUpdated: Tuesday, August 02, 2022, 12:07 AM IST
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Registration of properties in Mumbai witnesses 15% rise: Knight Frank India report | Unsplash

The registration of properties in Mumbai witnessed a rise of 15 per cent to 11,339 units last month, the best in July for over a decade, contributing over Rs 829 crore to the state revenues, according to the Knight Frank India report released on Monday.

On a month-on-month basis, registrations rose 14 per cent from June (9,919 units). Out of the total registrations in Mumbai, 86 per cent were contributed by the residential segment and 10 per cent by the commercial segment.

Moreover, 78 per cent of the total registrations were transacted in the same month. Details also reveal that as much as 15 per cent of properties registered in July were filed in March and around seven per cent of these deals were filed in June.

The realty sector players hope that with a strong consumer sentiment towards home ownership, sales momentum will continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.

Residential properties between Rs 1 crore and Rs 2.5 crore saw a rise in share from 37 per cent in June to 42 per cent in July. Focus continues on properties costing up to Rs 1 crore, with a share of 43 per cent in last month. The share for properties costing more than Rs 2.5 crore remained unchanged from June to July at four per cent, while the ones costing between Rs 2.5 crore and Rs 5 crore have a share contribution of 10 per cent. Residential units costing above Rs 5 crore contributed to under five per cent of the total deals in July.

Knight Frank India CMD Shishir Baijal observed that strong consumer demand continues to drive the property sales in Mumbai. He said the state government revenue has also grown robustly month on month.

However, he cautioned that further rate hike can add pressure on the demand. Developers remain cognisant of the changing affordability and are expected to plan for risk mitigation such as enabling fixed rate limited period loans, and other measures, he said.

According to the report, in terms of apartment size homes ranging between 500 and 1,000 sq ft is the most preferred category.

The government revenue collection from registrations was recorded at Rs 829 crore, surpassing collections in July 2021 of Rs 567 croroe on account of higher property registration and 1 per cent higher stamp duty.

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