Registration of properties in Mumbai rose 11 per cent last month to 8,628 units — highest in the past 10 years for September — despite rise in prices as well as mortgage rates, Knight Frank said.
Mumbai city (BMC area) saw property sale registrations of 8,628 units in September 2022 as against 7,804 units in the same month last year and 8,552 units in the previous month, the property consultant said in a statement.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “This growth comes even though 15 days of September was ‘Shraadh’ an inauspicious period (when most refrain from important high value purchase) apart from the headwinds that the market has been facing due to the rise in repo rate.” He expects residential sales to remain buoyant during the festive season.
“Despite the fresh rise in repo rate which has further hit affordability in the market, we remain in the affordable threshold and can expect positive sales for some more time,” Baijal added.
As per the data, 57 per cent of all registrations were in the price band of over Rs 1 crore. In terms of apartment size, homes between the size of 500-1,000 square feet were the most preferred in this month.
The consultant highlighted that 96 per cent of all property sales registrations in September 2022 were for properties transacted in the same month.
Residential properties valued up to Rs 1 core continued to be the demand driver in September, having a share of 43 per cent, followed by Rs 1 – 2.5 crore with share of 42 per cent.
The government revenue collection has also recorded its all-time high during January-September 2022.
Implementation of additional 1 per cent metro cess coupled with price rise and sale of higher ticket size units led to a YoY rise of 57 per cent in revenue collection to Rs 6,658 crore from January to September 2022.
The major players in Mumbai’s primary housing market include Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, Piramal Realty, Mahindra Lifespace Developers, Indiabulls Real Estate, D B Realty, Rustomjee group, K Raheja group and Runwal Developers. Bengaluru-based Prestige Estates and Puravankara Ltd have also entered the Mumbai market. DLF too has land in the city.