Residential property registrations in Mumbai rise to 10-year high in September

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Registration of housing properties soared by 35% y-o-y in the Mumbai municipal region as per data available till September 30.  According to a report by Knight Frank, 7,556 units were registered last month, which was 87% higher compared to pre-Covid September of 2019. It is a 10-year record high performance. Nearly half of the housing units sold in Mumbai last month were priced at Rs 1 crore or above.

Sales Performance

According to Knight Frank, new sales comprised 94% of property registrations done in Mumbai last month. It stated that the proportion of houses in the Rs 1 crore and above category had risen to 49% last month, compared to their proportion in the overall sales in (30%) April and (40%) June this year. Revenue collection for the government had spiked by 186% year-on-year as of September 2021.

According to the report by Knight Frank higher stamp duty rate and increased sales volume were the main contributors in revenue generation for the government, allowing the government to net Rs 516 crore revenue last month against Rs 454 crore in September 2019.

The Mint quoted Rohit Poddar, Managing Director, Poddar Housing and Development Ltd, saying, “The ceaseless work from home trend continues to pump in the homeowner sentiment in millennials. With record-low interest rates, backed by the festive steamrolling, the home sales push on to bring decade-high numbers yet again. The growing overall housing demand and consumer’s need for more unit space are driving the mid-segment housing to dominate the supply and sales graph.”

Axis Capital report

According to a recent report by Axis Capital, large Indian cities saw sharp drops in the under-construction inventory over the past seven years. According to the report, Mumbai Metropolitan Region (MMR) showed the steepest depletion, by almost half its volume, of its inventory levels.