Mumbai city property sale registrations cross 1 lakh mark for 2021: Knight Frank India

With the momentum in November 2021, sales registrations have crossed the 1 lakh registrations benchmark for 2021.

Mumbai property, stamp duty incentive, sale registrations, real estate, MCGM region
To promote housing amongst women citizens, the state government had introduced an incentivized stamp duty rate of 4%, which is 1% lower than the standard rate of stamp duty in the city.

Knight Frank India, the leading real estate consultancy in the country, noted that Mumbai city (MCGM region) property sale registration has crossed the 100,000 mark for the first time in a decade. The previous high over the last 10 years was 80,746 units in 2018.

In November 2021, the market recorded registrations of 7,582 units or 18% YoY decline when compared to the same month last year when the stamp duty rate was at its lowest level of 2%. With the momentum in November 2021, sales registrations have crossed the 1 lakh registrations benchmark for 2021. The registrations are higher by 36% against November 2019 while registrations during January – November 2021 period is 122% higher compared to the same period last year.

Compared to the previous month, the registrations are lower by 12% MoM. In October 2021, the city had recorded a decadal best October month property sale registrations. At 8,576 units, the registrations increased by 8% YoY compared to October 2020, when the stamp duty rate was at the lowest level of 2%.

The share of Rs 1 Crore and below segment is at a 5-month high of 58%. In the recent 3 month period, it has increased from 51% in September 2021 to 53% in October 2021 and now stands at 58%.

The share of this segment was lower during the stamp duty incentive window when many homebuyers in the higher value ticket size segments were more active. However, since the resumption of the regular stamp duty rate in April 2021, this segment remains a dominant part of homebuyer preference in the city.

To promote housing amongst women citizens, the state government had introduced an incentivized stamp duty rate of 4%, which is 1% lower than the standard rate of stamp duty in the city. However, after the initial spurt in registrations by women homebuyers, the representation from women homebuyers has been low. In November 2021, the share of women homebuyers fell to a 6-month low of 2.8%. The earlier low was 1.8% in May 2021.

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