Feb 2022 has been a good a month for the real estate industry as Feb 2022 sold more homes when compared to Feb 2021.
By Varun Singh
Do not believe reports that claim Mumbai in Feb 2022 sold less units that that of Feb 2021.
Instead Feb 2022 gave Mumbai good business and sold more real estate units than that of the 2021.
There were reports that Mumbai had sold only 9805 units in Feb 2022, which was 4% less than that of the Feb 2021.
However, data accessed by SquareFeatIndia has shown otherwise and reveal a different story. According to data available from Department of Registration and Stamps, Feb 2022 sold 207 more units than Feb 2021.
Not only this in terms of revenue generated from sale of home via stamp duty the department almost received Rs 262 crore more in Feb 2022 than that of Feb 2021.
So how many units were registered in the month of Feb 2022. Before we talk about last month lets see how many units were registered in Feb 2021, the total number of units registered in Feb 2021 stood at 10,172.
Data reveal that a total of 10,379 units were registered in the 28 days of February month of the year 2022. This is 207 units more than last year.
This clearly shows that there’s a rise in the figure not a fall. Point to be noted here is that, in Feb 2021 there was a discount of 2% in stamp duty and in Feb 2022 there was no such discount yet more homes were registered.
In terms of revenue, Feb 2022 generated a revenue of Rs 614 crore whereas the revenue generated via stamp duty in Feb 2021 was Rs 352 crore. Mumbai saw a rise of revenue in the last month by Rs 262 crore when compared to the same month last year.
If one goes by the sale figures then Feb 2022 sold more homes in the last 10 years history of February months.
In Feb 2013, total units registered was 4840, the number was 4843 in Feb 2014, in the month of Feb 2015, a total of 4986 units was registered in Mumbai. Th number went up to 5208 units in Feb 2016, in the year 2017 February saw one of the least sales which stood at 3664.
The number again rose and in Feb 2018 registration figures were 6632, in 2019 it was 5320. Just before the nationwide lockdown was announced in 2020, February 2020 saw 5927 registrations. The number because of the stamp duty concession shot up in 2021 and in Feb 2021 it was 10172.
However, in spite of no concessions the number again shot up in Feb 2022 and it stood at 10379. The reason behind this is being attributed to the reports of an increase in ready reckoner and stamp duty rates from the next financial year.
Even a simple increase in real estate means a lot of burden for the homebuyer and hence many are hurrying their decisions to register their apartments at the earliest.
Also Read: January Sold These Many Less Homes Than Dec