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The most expensive real estate market in India is in a bind – though property registrations have grown by a significant 24% compared to the last year, stamp duty revenue has dipped compared to the bumper collections the year earlier, The Economic Times has reported. However, February witnessed a spurt in registrations with the highest sales in this month, defying high-interest rates and property prices.

The month of February recorded more than 12,000 registrations, which is higher than the sales in February 2023 by a whopping 24%. Despite the impressive rise, stamp duty proceeds yielded Rs 884 crore, a good 20% down on year-on-year basis. This was according to the data from the state’s inspector general of registration, said the report. Officials said very high stamp duty collections last year paved the way for this decline in revenue despite a rise in registrations.

Seen from a sequential angle, the property registration in February 2024 was a 9% improvement on that in the preceding month of January. The stamp duty collection in February was higher that the revenue in January by 16%.

Among the sales, 80% were purchased by resident Indians for residential purposes while the rest 20% was bought by NRIs.

A disaggregation of the sales figures showed that February witnessed a 45% increase in sales of apartments of 500 square feet or below. There was also a fall of 42% in sales of apartments between 500 square feet and 1,000 square feet.

“The property market is currently experiencing a highly productive phase, characterized by concurrent growth in sales, new supply, and prices, all demonstrating healthy trends, and Mumbai continues to lead the realty market performance. Steady growth in India economy and brighter prospects have bolstered positive sentiment and homebuyers towards home ownership,” Deepak Goradia, CMD, Dosti Realty told the newspaper.

“The Mumbai residential market has maintained its exceptional performance in February. The sustained strength in the registrations highlighted by a 24% YoY rise e in in property registrations underscores the market’s resilience and allure,” said Shishir Baijal, CMD, Knight Frank India.

Baijal said that he is hopeful that positive sentiment is sustainable. The growth of the economy sustaining at current levels and the possibility of an interest cut in the later part of the year could further fuel the momentum.

According to the report, the earlier peak which was witnessed in February 2022 was triggered by an optimistic clutch of buyers releasing pent-up demand with the gradual withdrawal of the menace of the pandemic. But, last month’s tide can be attributed to rising income levels and a favourable sentiment towards homeownership.