Mumbai property sale registrations witnessed the registration of over 11,744 units in April 2022 up by 16% from a year ago, showed data from the Inspector General of Registration, Maharashtra. The number of units registered in April 2022 was the best in a decade for the month of April, while monthly state revenue collections of Rs. 738 crore were at a 10-year high for the April month.
As per Knight Frank India data, maximum registrations were seen for homes with the size of 500-1000 sqft accounting 47% of total registrations while compact homes up to 500 sqft contributed 36% share. Homes with 1,000-2,000 sqft of area accounted for 15% of total registrations.
82 percent of property registrations executed in April 2022 were filed in March- 2022 at an effective stamp duty rate of 5 percent. While 17 percent of properties registered in April 2022 were filed in April 2022 having an effective stamp duty rate of 6 percent.
Here is what the real estate experts have to say:
Mr. Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“April 2022 has yet again witnessed record property registrations in Mumbai with the demand continuing to be robust. The strong sales were evidenced as the homebuyers rushed in to buy properties with a fear of a price hike. We may soon witness an upward revision in the prices due to the rising construction costs and higher stamp duty prices. We will continue to urge the Government to look into the rising prices in the interest of the homebuyers.”
Mr. Ram Naik, Director, The Guardians Real Estate Advisory
“The financial year begins with great news for the Mumbai real estate market with many home buyers seen at the property registrar’s office to close their home purchases. This once again proves that Indian real estate has become a user market. The home buyers know exactly when to buy, where to buy, and how to buy. Many homebuyers advanced their purchases by filing in March while registering them in April, effectively saving 1% metro cess on their deals. This also symbolizes how much home buyers in Mumbai have become price-savvy while buying a new home. How even a one percent saving in the stamp duty can reduce the decision-making period of a customer. This also signifies that there is a genuine demand for homes in the MMR market and if the government had passed a deferment on the metro-cess and the construction cost had remained under control then we would have seen a bull run in this new financial year as well.”
Mr. Jitesh Lalwani – President, Homesync Real Estate Advisory
“Mumbai has witnessed an impressive ascent in property deals in the month of April 2022 too. Given the current scenario of a steep rise in property prices from April onwards, owing to the increase in stamp duty, ready reckoner rates, raw materials prices, and metro cess, we see homebuyers taking the utmost advantage in the current month as well resulting in such a huge contribution to the state’s revenue.”