Mumbai real estate: Registration of properties up 78% in May
Property registrations in the Mumbai municipal region increased by 78 percent year on year (YoY) to 9,523 units in May. In May, 5,360 properties were registered in Mumbai city (BMC region). The data pertains to properties purchased in both the primary and secondary (resale) markets, according to property consultancy Knight Frank India.
In April, property registrations in Mumbai fell by 30% to 11,744 units, compared to 16,726 units in March, bringing in approximately ₹738 crore for the state.
However, according to Knight Frank India, the number of units registered in April was the highest in a decade. In terms of apartment size, mid-sized residences (between 500 and 1,000 sq ft) were the most popular category of property registered during the month, accounting for over 55 percent of all registrations.
“May 2022 recorded property sale registration of 9,523 units denoting a 78 percent YoY 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 2nd wave of Covid-19,” Knight Frank said in a statement.
Despite inflationary pressures, increased input costs and an increase in stamp duty, the real estate market in Mumbai remained stable – said Shishir Baijal, Chairman & Managing Director – Knight Frank India.
“Owing to a paradigm shift in attitude, home buyers who now consider ownership important for long term stability, were keen on completing their purchases while the affordability remained within the acceptable range,” he said.
According to the consultant, residential property deals accounted for 85 percent of property registrations in May 2022, while commercial property deals accounted for 10 percent of overall registrations.
Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group, and K Raheja group are the leading participants in Mumbai’s primary housing sector.