India’s financial capital Mumbai contributed over Rs 671 crore to Maharashtra state revenue with a total of 8,756 property registrations in November 2022, says a recent by property brokerage firm Knight Frank India. According to the report, the city recorded a 15% YoY rise in property registrations.
These numbers indicate towards the robust buyer sentiment, considering government-led incentives have been drawn back the past one year, impacting the record low housing affordability evidenced in the post-pandemic period. The festival spirit has also played an important role with registration recording 4% MoM rise.
“Supported by strong consumer sentiment and supportive drivers, the Mumbai residential market has grown despite geopolitical headwinds. As the festival season that drove market sentiment in the last month ends, November 2022 remains a beneficiary to the sustained momentum recording a YoY rise in property sales and government revenue collection,” says Shishir Baijal, CMD, Knight Frank India.
“However, the growth rate appears to have moderated marginally due to the increased mortgage rates. This is evident from the 190 Bps rise in repo rate along with implementation of metro cess in the last 6 months that have translated into a 16 % YoY drop in property registration in its preceding 6-month period. Nonetheless, homebuyers are still positive towards the home buying decision, and this should help sustain the recent period growth trends,” he adds.
According to the report, western suburbs’ share in total registrations in November 2022 was 53%, central suburbs’ 35% and south Mumbai’s 6%. In November, properties falling in the price bracket of Rs 1 crore to Rs 2.5 crore emerged as a preferred ticket size having a share contribution of 42%.
