The registration of properties in Mumbai witnessed a rise of 15% to 11,339 units in July according to Knight Frank India data. The number of units registered in July 2022 was the best in a decade for the month of July. The registration contributed over Rs 839 crore to the state revenues. On a month-on-month basis, the registration of properties rose 14% from June this year where 9,919 units were registered.
Out of the total registration of properties in Mumbai, 86 per cent were contributed by residential segment and 10 per cent commercial.
78% of the total registrations were for properties transacted in the same month. As much as 15% of properties registered in July were filed in March 2022 and around 7 per cent of these deals were filed in June 2022.
Here are a few reactions from real estate experts:
Mr. Ram Naik, Director, The Guardians Real Estate Advisory“There is a genuine demand for homes in Mumbai as we can see that the increase in property prices has not affected the real estate market. Also, the successive hikes in the repo rate by the RBI has prompted home-buyers to advance their purchase decision before any further changes occur. This has led to robust demand and a positive home-buying sentiment, in the current term, which should continue to propel the growth of the sector.”
Mr. Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“July 2022 has yet again witnessed higher property registrations in Mumbai with the demand continuing to be robust. We are already witnessing an upward revision in the prices due to the rise in interest rates and higher stamp duty prices. The strong sales is apparent as the homebuyers have rushed in to buy properties with a fear of further increase in interest rates and eventually the property prices.”
Mr. Jitesh Lalwani – President, Homesync Real Estate Advisory“Despite an increase in home loan interest rate and rise in property prices, Mumbai witnessed a robust demand and an impressive ascent in property deals in the month of July 2022. With the strong consumer sentiments towards home ownership, sales momentum to continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.”