Mumbai property sale registrations touched 15,717 units in March 2022 contributing over Rs 1,084 crore to the state’s revenue. The number of units registered in March 2022 was the third best in a decade, while monthly state revenue collections were at a 10-year high, according to data compiled by Knight Frank India.
The March 2022 property registration numbers were up 51% on a month-on-month basis. However, the registrations were lower by 11% year-on-year. Maximum registrations were in the price band of Rs 1-5 crore, while in terms of apartment size, mid-sized homes ranging between 500 and 1,000 square feet were the most preferred category of property registered in March 2022.
The March numbers were among the best monthly volumes achieved in the last 12 months. The earlier peaks were achieved in December 2020 and March 2021 with 19,581 and 17,728 units registered respectively, both during the period when stamp duty incentive was applicable. According to the property consultant, months preceding any upward revision of the stamp duty sees accelerated activities in registration of properties as buyers rush to take advantage of the lower rate.
March numbers also got some of its pace due to the impending 1% metro cess that shall be levied effective April 1, 2022 in the cities of Mumbai, Thane, Navi Mumbai, Pune, Nashik and Nagpur.
Shishir Baijal, CMD, Knight Frank India said, “The financial year will close on a high note for the Mumbai property market as March 2022 records Rs 1,084 crore of revenue for the state exchequer. Strong demand and a catalyst, such as the impending metro cess, have motivated buyers to hasten their purchase decision. It is heartening to see that residential market in Mumbai has maintained its pace for a significant period after the demand stimulants have been withdrawn. We firmly believe the latent demand will remain strong, backed by low home loan rates and stable home prices.”
