Knight Frank India, the leading real estate consultancy in the country, in its latest assessment noted that Mumbai city (BMC area) saw property sale registrations of 9,523 units in May 2022, contributing over ₹709 crore to the State revenues.
The number of units registered was the best in a decade in May , while monthly State revenue collections were at a 10-year high in May. Interestingly, 54 per cent of registrations were in the price band of ₹1 crore and over.
In terms of apartment size, homes ranging between 500-1,000 sq ft were the most preferred category of property registered in May this year.
May 2022 recorded property sale registration of 9,523 units denoting a 78 per cent Y-o-Y rise. The substantial rise comes on the back of low sales registrations recorded in May 2021 as the month was laced in lockdown due the impact of Covid-19 second wave.
‘Real estate market now stable’
As compared to April 2022, May recorded a 19 per cent M-o-M (Month on Month) drop in property registrations. The dip in M-o-M registrations can also be explained by the advance purchasing until the deadline of March 31, 2022 when homebuyers could potentially save 1 per cent metro cess cost. The registration momentum now has returned to regular market activity that is devoid of such externalities.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said,“The real estate market in Mumbai held steady despite the pressures of inflation, rising input costs and rise in stamp duty. Owing to a paradigm shift in attitude, home buyers, that now consider ownership important for long term stability, were keen on completing their purchases while the affordability remained within the acceptable range”.
He added, “ Going forward, while economic pressures will play their part, other factors like rise in household savings and mid-to-long term financial stability as well as strong economic outlook, will help continue the home buying momentum.”
May 31, 2022