November 2022, has proven to be the second best November in the last 10 years, the best was November 2020.
The figures for real estate sales in Mumbai in the month of November is out, and it has breached the figure of 8926 sales till late evening.
Generating a revenue of Rs 681 Crore, from the stamp duty and registration fees paid by homebuyers to the government during the registration
The best November month for the home sales in the last decade was that of 2020.
The sales figure in November this year was one of the lowest when compared to other months of the year.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “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. 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.”
