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Over 7,700 properties registered in Mumbai in Jan; govt revenues up 48%

Over 7,700 properties registered in Mumbai in Jan; govt revenues up 48%

The government revenue from property registrations was recorded at Rs 453 crore in January 2022 compared to Rs 336 crore in January 2021. It was Rs 758 crore in December 2021.

While the average daily sale rate for property registrations was at 249 in January 2022, it was at 312 in December 2021, and 253 in November 2021. While the average daily sale rate for property registrations was at 249 in January 2022, it was at 312 in December 2021, and 253 in November 2021.

Mumbai city (MCGM region) saw 7,732 units of property sale registrations in January 2022, a decrease of 26 per cent over January 2021, but the government revenues increased by 48 per cent during the same period, according to Knight Frank, a global property consultancy.


The government revenue from property registrations was recorded at Rs 453 crore in January 2022 compared to Rs 336 crore in January 2021. It was Rs 758 crore in December 2021.


The initial part of the month witnessed reduced movement on account of the third wave of COVID. Notably, January 2022 registration volume is higher than all pre-COVID January months. This is attributed to the government levying a lower stamp duty rate window of 3 per cent last year, which has now been increased to 5 per cent along with property sales not being as affected by COVID-19, says Knight Frank. 


While the average daily sale rate for property registrations was at 249 in January 2022, it was at 312 in December 2021, and 253 in November 2021.


Western suburbs dominated sales  


Mumbai's Western Suburbs remained the most prominent market contributing to more than half the registration in January 2022 with a 52 per cent contribution followed by the city's Central Suburbs.


The share of Central Suburbs in the housing sales increased month-on-month from 31 per cent in December 2021 to 34 per cent in January 2022.


South Mumbai area contributed to 8 per cent of the sales.


85% sales concentrated in the up to 1,000 sq ft housing segment


About 85 per cent of the property sales were concentrated in the 1,000 square feet (sq ft) housing segment. With the improvement in affordability, spacious homes of 500 -1,000 sq ft were the buyer's preference accounting for 45 per cent of the total registrations in January 2022. Homes of 1,000-2,000 sq ft accounted for 13 per cent of total registrations. 


According to Knight Frank, the demand was closely followed for compact homes of up to 500 sf which bagged a share of 40 per cent in the overall size-wise split of property sale registrations. 


"With COVID scare still present in the market and prolonged work and study from home experience continuing, home ownership remains priority with focus on affordable right-sized homes for upgrade," said Shishir Baijal, Chairman & Managing Director, Knight Frank India,


Properties with a ticket size of Rs 1 crore and below continue to be a preferred choice for customers with a contribution of 51 per cent of the total registrations in January 2022, says the Knight Frank report. About Rs 1 crore-5 crore size segment accounted for 45 per cent of the total registrations in January 2022 which is a gradual improvement over last three months, the report notes.


“Albeit in a limited way, cautiousness on account of the third wave has influenced sentiments which is reflected in January registrations. Over the next fortnight, the Union Budget and Monetary Policy actions will be crucial in catalysing latent demand, and we remain hopeful that the government and the central bank will continue with their growth-oriented policies,” added Baijal.