On August 31, Mumbai home sales stood at 10,902 generating a revenue of ₹810 crore.

This is higher than April, May, June, & July home sales.

In July the home sales stood at 10,221, while the figure was 10,319 in June.

In May, Mumbai had witnessed a mere 9,823 home sales, whereas the number of home sales in the maximum city stood at 10,513 in April.

This comes as a surprise because monsoon aren’t seen as the period when people generally buy homes, but defeating that logic Mumbai made August the highest home sales month in the FY 23-24.

Anuj Puri, Chairman – ANAROCK Group, says, “Properties sized less than 500 sq ft, accounted for an additional 35% of total launches in Apr-Jun 2023, a significant rise from 27% in Apr-Jun 2022. This trend indicates that with the rise in property prices, homebuyers are now again looking for smaller units to manage their overall budget.”

Also Read: Mumbai property registrations dips in July 2023

The post August Sees Max Home Sales in FY 23-24 appeared first on Square Feat India.

As much as 60%of all registrations in August 2022 were in the price band of over INR 1 Cr while in terms of apartment size homes between the size of 500-1000 sq ft were the most preferred in this month. Out of all the properties registered in August 2022, 85% were residential deals as compared to 86% in the previous month,while commercial property deals contribution has gone down from 10% last month to9%. Industrial property deals contributed to 1% while land deals registered stayed under 1%. Other forms of property deals contributed to 4% of the total deals registered in August 2022.

Here are a few reactions from the realty experts:
Rajan Bandelkar – President, NAREDCO National“We have seen a robust property buying in the past few months as the extent of price rise passed on to consumers has been lower as compared to the increase in the input costs. It is very much likely that the Indian central bank will further hike interest rates to bring back inflation under control. As a result of that we have already started witnessing  short-term repercussions on the overall housing demand. With the onset of the festive season, we urge the government to offer concession in stamp duty fees that it offered at the time of the pandemic so as to further encourage homebuyers’ interest in property buying. On behalf of NAREDCO, we are planning a biggest property expo at the end of the month at JIO World Convention Centre, BKC which will promise more property registrations in the upcoming festive season.” 

Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI“Mumbai has yet again witnessed higher property registrations in August 2022 amidst the rise in interest rates and sky-rocketing property prices, with the demand continuing to be strong. The low interest rates have been the biggest factor in the resurgence for real estate demand in the last two years. Therefore the sharp acceleration of interest rates consecutively for the third time in a short period may have a short-term effect on the sentiment of homebuyers. We request the State Government to step-in and lighten the homebuyer’s load by reducing stamp duty ahead of the festive season.”

Ram Naik, Director, The Guardians Real Estate Advisory“As compared to last year, August 2022 has witnessed strong property registration numbers which reiterates the fact that there is still strong demand for homes. Although the recent consecutive rate hikes by the RBI have temporarily limited the growth momentum of the real estate sector but with the festive season about to begin, we are optimistic that it would lead to a robust demand and a positive home-buying sentiment, in the current term. Also, the lucrative festive offers accompanied by flexible payment options provided by the developers and better consumer awareness should continue to propel the growth of the sector in the upcoming festive season.”

Jitesh Lalwani, President, Homesync Real Estate Advisory“Mumbai in a row continued to witness a robust demand and an impressive ascent in property registrations in the month of August 2022 despite the rise in property prices and home loan interest rates. With the onset of the festive season, it is evident that consumers will be further drawn towards making home purchases backed by several lucrative offers. We believe the sales momentum will continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.”

Also Read: Mumbai in August 2022 sells 8.4k homes best in a decade for the month of August

The post Mumbai property registrations witnesses 20% YoY growth in August 2022 appeared first on Square Feat India.

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

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By Varun Singh

Hard to believe, but August 2021, sold more homes than August 2019, when the world was not suffering from any COVID-19 like pandemic.

However, August 2021, sold lesser homes when compared to July 2021 in city of Mumbai.

In August 2019, a total number of 5873 sales was registered with the Inspector General for Registration and Stamps.

The number was 2642 sales in August 2020, whereas it was 6862 sales in August 2018.

In July 2021 the home sales in Mumbai stood at 9823.

Finally in August 2021 the sales of home in Mumbai city stood at 6784.

According to Anand Gupta of Builders Association of India, “Actually in 2019 August it was 5900 and that time also industry was passing through bad phase because of side effects of Demonetization, GST , RERA etc. Still increase of 13% as compared to 2019 is very Good sign. it means after unlocking ,economy has come back to track and it will improve further.”

Ashok Mohanani, President, NAREDCO Maharashtra, said, “The real estate market has witnessed major bumps and has recovered majestically in the last few quarters. Largely, home-buying spree has massively been affected post COVID, where people have become more stagnant on buying permanent homes rather living on rent.”

Mohanani further added, “Purchasing your own home has consistently been a major part of our Indian ethos. Today, the ‘Mumbaikar’ who has gone to the city in a quest for his/her profession are looking for permanent homes with prolonged rationality and financing costs drifting around 6.5% for a home loan.”

The state head of the builder body says, several provisions have been provided by the government and developers during the unlocking phase of the economy that has made the current time, one of the best ideal opportunities to purchase a home in Mumbai. In 2019, homebuyers did not come across as many lucrative offers and deals as compared to now. Additionally, relatively low home loan rates, convenience in paying EMI and reduced stamp duty, is also encouraging the demand among consumers and fence-sitters.

He further said, “The prolonged moderateness combined with pandemic encouraged necessity for a permanent home, has fueled the home buying in Mumbai. The market has seen an additional interest of 10% over the past quarter for two and three BHK homes in the city.”

Also Read:Realty Sales in Mumbai, back to Pre-Pandemic days

The post August 2021 sells more Homes than Aug 2019 but less than July 2021 appeared first on Square Feat India.

By Varun Singh

Mumbai city in the month of August saw a fall in the revenue from registration compared to its July collection.

In August, the revenue from stamp duty and registration of property and other documents stood at Rs 211.76 crore.

This when compared to the previous month’s revenue, then it is a tad bit down, July had seen a collection of Rs 242 crore.

A total of 24,196 documents were registered with the office of stamp duty and registration in Mumbai in August.

In July the total number of documents registered in Mumbai was less than August, it was 21,311.

If one has to compare August with April, then no doubt there’s a huge difference, as April saw a mere 27 agreement being registered. The revenue collected in April was Rs 43,547.

In May the figures did go up slightly. With a total of 1,404 documents being registered, the revenue collected was Rs 18.12 crore.

The figures in June month stood at Rs 179 crore from registration of 13,652 documents.

There could be two reasons behind the revenue going down in August.

Yashika Rohiira, of Karma Realtors says, “One of the biggest reasons is the state government announcing a stamp duty cut in August that would come in force from September 1. Because of this many who were about to register the documents they held it. This is one reason why revenue is close to July but not above it.”

The other reason could be the impact of slowdown in the market, August saw several deals being sold at less than market rate. When people sell at less, they pay stamp duty on ready reckoner rates. When flats are sold at higher rates, the stamp duty is paid on the higher price. Thus the collection sees a change too.

In August out of the total documents registered maximum of 14,023 were e-registration of Leave and License. This generated Rs 2.23 crore.

While the highest revenue of Rs 176 crore was generated by Conveyance (sales) where 2,642 transactions were registered.

Rohiira says in September as the registration of documents figures will go up, the revenue may be down, because of the stamp duty cut.

The state government on August 26, announced a rate cut in stamp duty. So from 5% it will be 2 per cent from September 1 to December 31, and 3% between January 1 to March 31 (2021).

Before lockdown, the revenue figures were high. In March, Mumbai generated Rs 377 crore. While for February it stood close to Rs 470 crore.

Also Read: Stamp Duty Reduced Read How Much You Will Save

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By Varun Singh

When lockdown was announced in the country one sight that people cannot get out of their heads is, migrant labourers walking back to their homes.

People walked in hoards, some used two wheelers, tempos, trucks to reach their native place.

However, with phase wise relaxations in the lockdown things are changing. The developers and even contractors say that by August most labourers will be back in the city.

They also say that every year during March to June they do face labour shortage, though this year the intensity was higher.

Also Read: Reverse migration a challenge in post COVID India

During the festival of holi, most migrant labourers leave for their homes. says Anand Gupta, Spokesperson, Builders Association of India.

According to Gupta during this period they face a shortage of close to 20-25 per cent of labourers and hence focus is shifted on important work.

This year thought the situation is a bit different, many labourers have gone away. But Gupta is hopeful and sure that by August, most of them will return and the real estate industry in Mumbai Metropolitan Region (MMR) shall be back on tracks.

“Migrant labourers will come back, yes they are gone, like earlier years, though this time they went back in large numbers. But they will soon find their way back to the workplaces in the cities. By August we are hopeful that many will be back at work,” said Gupta.

According to Syed Shakir, a South Mumbai based contractor, many labourers have already started their return journey to cities like Mumbai.

“All my sites are operational, for a reason, that I took care of my labourers. Labourers left from sites where they were left without any help,” said Shakir.

Meanwhile, Shakir says that most labourers have already started their return journey for cities like Mumbai.

“If there is a working force of 500 people in a village then there’s work only for 100 people. The remaining labourers are returning and mostly by August, everyone will be back,” said Shakir.

According to Shakir, earlier during the period between March to June work would get impacted by 30 per cent as labourers would go back to their native place. This year it was impacted up to 50 per cent.

Surprisingly, Shakir also says that the labourers who have started their return journey are mostly from Bengal region and some parts of Bihar, while labourers from UP are a bit tad slow in their return this time.

Meanwhile, the Supreme Court on Tuesday asked centre and states to facilitate return of migrant workers to their native place within 15 days.

Also Read: Maids ask, will employers show their COVID reports?

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