Mumbai records 21% yearly growth in property registrations in June : Report | Live mint
NEW DELHI: Property registrations in Mumbai city (BMC area) rose 21% year-on-year to 9,525 units in June, contributing over ₹697 crore tostate revenues, according to real estate consultancy Knight Frank India.
The number of units registered in June was the best in a decade for the month.
According to the report, about 52% registrations were in the price band of ₹1 crore and over, while in terms of apartment size homes ranging between 500-1,000 sq ft was the most preferred category of property registered in June.
Knight Frank added that consumer sentiment remained unhindered in the latest numbers, with average daily registration rate for June staying above 300.
As per the report, 70% of all property sales registrations were for properties transacted in the same month. While 27% of properties registered in June were filed in March and around 3% of these deals were filed in April and May, the buyer seemed unabated by the rise in stamp duty and home loan rates.
Shishir Baijal, chairman and managing director, Knight Frank India said, “Mumbai real estate market continues to witness robust demand with strong consumer sentiment towards home ownership anchoring growth. The continued momentum of demand has ensured that state government revenues also witness unabated growth. Revenues from stamp duty collection has increased significantly over the same time last year. We expect the sales velocity to maintain pace in the next few months as economic growth continues.”
“The strong property registrations momentum continued in June, when in addition to the implementation of metro cess that effectively increased the stamp duty by 1% since April and cumulative repo rate hike of 90 basis points stretched home buyer affordability,” Knight Frank India said in the report.
The report highlighted that of all the properties registered in June, 87% were residential deals as compared to 85% in the previous month, while commercial property deals contribution fell to 8% of the total deals registered in June from 10% a month ago.
Industrial property deals contributed 1%, while land deals registered stayed under 1%. Other forms of property deals contributed to 4% of the total deals registered in June.
Further, compact home of up to 500 sq ft contributed to 38% of all properties registered in June compared with 34% in May 2022.
Homes of 500-1,000 sq ft continued to be the preference, accounting for 45% of total registrations in June against 48% in May. Meanwhile, share of over 2,000 sq ft have dropped from 3% in May to 2% in June.
In terms of buyers’ profile, the report said, the largest share of homebuyers in June were in the 31- 45 years category, making up for 46%. The 46-60 year category had a share of 32%, while 11% homebuyers were under 30 and 11% over 60 years of age.
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