Mumbai metropolis property sale registrations cross 100,000 mark for 2021

Actual property consultancy agency Knight Frank India knowledgeable Monday that Mumbai metropolis (MCGM area) property sale registrations have crossed the 100,000 mark for the primary time in a decade. The sooner excessive over the past 10 years was 80,746 items in 2018.

In November 2021, the market recorded registrations of seven,582 items or 18% YoY decline when in comparison with similar month final yr when the stamp obligation charge was at its lowest degree of two%. In comparison with the earlier month, the registrations are decrease by 12% MoM. 

In October 2021, town had recorded a decadal greatest October month property sale registrations. At 8,576 items, the registrations elevated by 8% YoY in comparison with October 2020, when the stamp obligation charge was on the lowest degree of two%. With the momentum in November 2021, gross sales registrations have crossed the 100,000 registrations benchmark for 2021.

Source: Maharashtra Govt

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Supply: Maharashtra Govt

Shishir Baijal, Chairman & Managing Director, Knight Frank India stated “The patron sentiment in Mumbai housing market stays robust. The expansion charge has moderated when in comparison with the yr in the past interval when market was buoyant on account of the bottom relevant stamp obligation charge window. The demand enablers within the type of low home costs, low house mortgage rate of interest and new venture launches proceed to entice homebuyers. The specter of new COVID-19 variants and response from healthcare system can be essential in dedication of market exercise degree in close to future.”

Share of 1 Crore and under phase at a 5-month excessive of 58%

The share of 1 Crore and under phase is at a 5-month excessive of 58%. Within the newest 3 month interval, it has elevated from 51% in September 2021 to 53% in October 2021 and now stands at 58%. 

The share of this phase was decrease throughout the stamp obligation incentive window when many homebuyers within the larger worth ticket dimension segments have been extra lively. Nevertheless, for the reason that resumption of the common stamp obligation charge in April 2021, this phase stays a dominant a part of homebuyer desire within the metropolis.

Share of girls homebuyers falls to a 6-month low of two.8%

To advertise housing amongst ladies residents, the state authorities had launched incentivized stamp obligation charge of 4%, which is 1% decrease than the usual charge of stamp obligation within the metropolis. 

Nevertheless, after the preliminary spurt in registrations by ladies homebuyers, the illustration from ladies homebuyers has been low. In November 2021, the share of girls homebuyers fell to a 6-month low of two.8%. The sooner low was 1.8% in Could 2021.

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