According to Knight Frank India, registration of properties in the Mumbai municipal area is expected to decline this month as 9,867 units have been registered so far compared to 11,743 units in April of previous year.
9,867 properties have been registered as of Friday, April 28 at noon.
The registration procedure will go until late evening, following which there will be a two-day holiday. The numbers should increase and might surpass 10,000 units this month.
11,743 properties were registered in Mumbai City, a region under the control of the Bombay Municipal Corporation (BMC), in April 2022.
“The fall was primarily caused by two factors, the first of which was a base effect since April 2022 saw a spillover of registrations from earlier months, with 17% of the homes registered in April 2022 being occupied in March 2022. Second, a seasonality effect, since in 8 out of 10 years, April had fewer registrations than March of that year, according to a statement from Knight Frank.
Eighty-three percent of the total properties registered were residential homes, while just seventeen percent were non-residential.
According to Knight Frank, the income collection for the state exchequer as of Friday afternoon was Rs 840 crore, the highest amount ever for April in the previous ten years.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, said that “Mumbai’s home buying appetite has remained strong despite a rise in stamp duty, consecutive rise in interest rates, and a steady rise in prices in the market.”
“Mumbai has had an estimated 8,00,000 property transactions over the last ten years, starting in April 2013. 40% of this, or around 3,18,000 units, have been registered since the introduction of the stamp duty increase in September 2020, he said.
According to Baijal, the state exchequer has benefited from the market vigour, which has led to its best April month ever in terms of revenue collections.
The month of April 2023 saw a significant cheer in the shape of a stop in policy interest rate rises, even though the YoY (year-over-year) registration momentum is lower owing to the base impact and lower MoM (month-over-month) statistics as a result of the financial year coming to an end in March. This gives homebuyers a break by maintaining their affordability, which is essential to achieving their goal of house ownership, he added.
The report shows that 13,151 properties were registered in Mumbai city as of March 2023.