Properties registration in Mumbai set to fall in this month: Knight Frank

The registration process will continue till late evening, after that there is a holiday for the next two days. The numbers are expected to rise and may cross 10,000 units this month

Press Trust of India New Delhi
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Registration of properties in the Mumbai municipal region is set to fall this month as 9,867 units have been registered so far against 11,743 units in April last year, according to Knight Frank India.

Till 12 noon on Friday (April 28), 9,867 properties have been registered.

The registration process will continue till late evening, after that there is a holiday for the next two days. The numbers are expected to rise and may cross 10,000 units this month.

In April 2022, 11,743 properties were registered in Mumbai City, which is an area under the jurisdiction of Bombay Municipal Corporation (BMC).

"The decline was largely led by two reasons, firstly a base effect as April 2022 observed a spillover of registrations from the previous months, with 17 per cent of properties registered in April 2022 were filled in March 2022. Secondly, a seasonality impact as in the last 8 out of 10 years, the month of April witnessed a dip in registrations against the March of that year," Knight Frank said in a statement.

Of the total properties registered, 83 per cent were residential while 17 per cent were non-residential properties.

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Till Friday afternoon, the revenue collection stood at Rs 840 crore for the state exchequer, the highest ever for April in the last 10 years, Knight Frank said.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "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".

"In the last 10 years since April 2013, Mumbai has registered an estimated sales of 8,00,000 properties. 40 per cent of this, which is an estimated 3,18,000 units, has been registered since September 2020 from the time the stamp duty stimulant was introduced," he added.

The state exchequer has benefitted from the market vibrancy that now marks its best April month in revenue collections, Baijal said.

"While the YoY (year-on-year) registration momentum in April 2023 is lower due to the base effect, and financial year closing in March playing its role in lower MoM (month-on-month) numbers, the month saw a big cheer in the form of a pause in policy interest rate hikes. This provides a breather to homebuyers, keeping their affordability intact, crucial to fulfilling their desire to own a home," he said.

In March 2023, 13,151 properties were registered in Mumbai city, the data showed.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Apr 28 2023 | 3:44 PM IST

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