By Varun Singh
Mumbai in the 30 days of August till evening saw a sale of more than 8,463 homes generating a revenue of Rs 630 crore. This is the best for the month of August in a decade.
According to data accessed by SquareFeatIndia, from the office of Inspector General of Registration (IGR) since August 2013 to August 2022, it was in the 30 days of August 2022, where the highest number of homes were registered.
So now lets see what was the number of homes registered in the month of August since the year 2013.
In August 2013 the number of homes registered in Mumbai stood at 4,779, the number went up to 5,031 in August 2014. In August 2015 the number of homes registered in the city of Mumbai was 5,573, where as the number came down to 5,444 in August 2016.
In August 2017, Mumbai saw a total of 4,886 homes being registered, the number jumped to 6,862 registrations in August 2018. The number dwindled in August 2019 to 5,873 registrations. It was the lowest in August 2020 because of COVID 19 pandemic led lockdown where the number of registrations stood at a mere 2,642.
The number went up again in August 2021, to 6,784, but Mumbai city saw its highest registration in the month of August 2022 where it stood at 8,463 till Tuesday evening.
While August 2022, may be good when compared to the previous 10 August months, but in this financial year, it is the lowers number of registration since April 2022 till now.
In April the number of registration that took place in the city stood at 11,743, it was 9,839 in May, in June the numbers were 9,919, and July the number of registrations shot up to 11,340. The numbers of August looks bad when compared to the other months of the financial year.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said “August has historically been a slower month, recording a month-on-month decline in eight out of the last ten years. The rise in REPO rate of 140 bps, leading to a rise in home loan rates, and the increase in stamp duty has had its impact on buyer sentiments. Despite that, Mumbai’s home sales momentum has remained comparatively buoyant and recorded a 20% growth over same period last year. It may hence be too early to assess if the impacts of these rate changes on housing sales are long term. Further, homebuyer sentiments are expected to sustain in the upcoming festive season.”
According to Knight Frank, 95% of all property sales registrations in August 2022 were for properties transacted in the same month. About 3% of properties registered in August 2022 were filed in July 2022 and around 2% of these deals were filed in March and June 2022.
Western Suburbs’ share in total registrations in August 2022 has risen from 56% in July 2022 to 57% in August 2022. Central Suburbs has recorded a rise in share of contribution as compared to July 2022 and has gone from 28% in July 2022 to 35% in August 2022. Central and South Mumbai saw a decline MoM, with a drop in property registrations from 8% to 3% in the case of Central Mumbai and 8% to 4% in the case of South Mumbai.
With the festive season starting, it is expected that the numbers will go up again.
Also Read: In July 57% homes sold in the price band of Rs 1 Cr and over
