Mumbai in the month of June has seen a registration of total 9919 units and via this state government generated a revenue of Rs 733 crore.
By Varun Singh
Mumbai property market witnessed the registration of 9919 units in June 2022 while monthly state revenue collections reached Rs 733 crore through stamp duty, data from the Inspector General of Registration, Maharashtra revealed. Both the units registered and stamp duty collection was the highest ever for the month of June setting a new benchmark. The number of units registered in June 2022 was also the best in a decade for the month of June.
In June 2021, the number of registration stood at 7856 units whereas the revenue collected via stamp duty was Rs 420 crore
As many as 52 percent registrations were in the price band of Rs 1 crore and over, while in terms of apartment size homes ranging between 500-1000 sq ft was the most preferred category of property registered in June 2022, said an analysis by Knight Frank India.
As many as 70 percent of registered properties in June were those bought in the same month. As many as 27 percent of properties registered in June 2022 were filed in March 2022 and around 3 percent of these deals were filed in April and May 2022.
Here are a few reactions from real estate experts:
Ram Naik, Director, The Guardians Real Estate Advisory
“There is a genuine demand for homes in Mumbai as we can see that the increase in property prices has not affected the real estate market. Also, the successive hikes in the repo rate by the RBI has prompted home-buyers to advance their purchase decision before any further changes occur. This has led to robust demand and a positive home-buying sentiment, in the current term, which should continue to propel the growth of the sector.”
Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“June 2022 has yet again witnessed higher property registrations in Mumbai with the demand continuing to be robust. We are already witnessing an upward revision in the prices due to the rise in interest rates and higher stamp duty prices. The strong sales is apparent as the homebuyers have rushed in to buy properties with a fear of further increase in interest rates and eventually the property prices.”
Jitesh Lalwani – President, Homesync Real Estate Advisory
“Despite an increase in home loan interest rate and rise in property prices, Mumbai witnessed a robust demand and an impressive ascent in property deals in the month of June 2022. With the strong consumer sentiments towards home ownership, sales momentum to continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.”
Also Read: How can NRIs positively impact the growth rate of the Indian real estate market?
