Mumbai property registrations continue to outshine in June

Mumbai: Mumbai property market witnessed the registration of over 9675 units in June while monthly State revenue collections reached Rs 714 crore through stamp duty, data from the Inspector General of Registration, Maharashtra revealed. Both the units registered and stamp duty collection was the highest ever for the month of June setting a new benchmark. The number of units registered in June 2022, was also the best in a decade for the month of June.

As many as 52 per cent registrations were in the price band of Rs 1 crore and above, while in terms of apartment size homes ranging between 500-1000 sq ft was the most preferred category of property registered in June, said an analysis by Knight Frank India.

As many as 70 per cent of registered properties in June were those bought in the same month. As many as 27 per cent of properties registered in June were filed in March and around 3 per cent of these deals were filed in April and May.

Bizz Buzz interacted with a few realtors on this development. Ram Naik, director, The Guardians Real Estate Advisory, says: "There is a genuine demand for homes in Mumbai as we can see that the increase in property prices has not affected the real estate market. Also, the successive hike in the repo rate by the RBI has prompted home-buyers to advance their purchase decision before any further changes occur. This has led to robust demand and a positive home-buying sentiment, in the current term, which should continue to propel the growth of the sector."

Pritam Chivukula, co-founder & director, Tridhaatu Realty and Treasurer, CREDAI MCHI, says: "June has yet again witnessed higher property registrations in Mumbai with the demand continuing to be robust. We are already witnessing an upward revision in the prices due to the rise in interest rates and higher stamp duty prices. The strong sales are apparent as the homebuyers have rushed in to buy properties with a fear of further increase in interest rates and eventually the property prices."

Jitesh Lalwani, president, Homesync Real Estate Advisory, said: "Despite an increase in home loan interest rate and rise in property prices, Mumbai witnessed a robust demand and an impressive ascent in property deals in the month of June. With the strong consumer sentiments towards home ownership, sales momentum will continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.''