The best way to gauge how the real estate market is performing in any particular month is to check the sales figure. In Mumbai the data is available from the Inspector General of Registration and Stamps office in regards to how many home sale agreements were registered in the city.
Till January 31, 9,001 home sales were registered in Mumbai, generating a revenue of ₹691 crore. This is less than December which saw 9,367 home sales in Mumbai generating a revenue of ₹835 crore.
But before we speak about January collections,, let’s see how the other months of the FY 2021-22 performed.
In November month that total sales registered with the registration department stood at 7,582 generating a revenue or ₹549 crore.
In October Mumbai witnessed a sales of 8,576 units, generating ₹550 crore.
Where as in September the number of sales in Mumbai was 7,804 units which generated ₹529 crore.
In August sales stood at 6,784 unit and revenue generated was ₹420 crore.
In July ₹566 crore was generated with registration of 9,822 units.
In June it was 7,856 units that was registered and revenue generated was ₹420 crore.
In May the number was the lowest up till now, it stood at 5,360 units generating a revenue of ₹268 crore.
April saw the highest number of sales this financial year up till now the figure stood at 10,135 units being registered generating a revenue of ₹514 crore.
In May only 5,360 units were registered whereas in the 21 days of December till late evening 6124 units were registered in Mumbai.
So what could be the reason behind the less sale of homes? One of the reason that could have caused it, can be the rumour that state government may reduce stamp duty. Currently in Mumbai one has to pay 6% stamp duty for their registration of agreement. The rumours which on several ocassions the government has refuted kept on surfacing often.
There are multiple reasons behind the decline, which also includes that not much was there to offer from developers, the rise in the repo rate leading to a rise in home loan interest rates too.
Also Read: 9672 home sales in December generated stamp duty revenue of Rs 758 crore
