Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis.

On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.

Here are comments from a few real estate experts on the robust property registration numbers.

Prashant Sharma – President, NAREDCO Maharashtra
“The Mumbai real estate market continues to show an upward trajectory with property registrations showing a significant increase, that exemplifies home buyer confidence in the property market. The robust property registration numbers have also helped in substantial revenue collections for the state government. The realty sector has been resilient driven by positive market sentiments. The desire of home ownership, increase in income levels coupled with high aspiration levels of a better lifestyle have all contributed to this sustained real estate growth.”

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai property market has once again performed exceptionally well with a record number of properties having been registered, clearly reflecting the importance of owning a home. The city is undergoing a major infrastructure overhaul; improvement in its connectivity is seeing newer areas coming under the housing ambit. This has spearheaded economic growth and has created a vibrant housing market that reflects the aspirations of today’s home buyers.”

Rohan Khatau, Director, CCI Projects
“An unparalleled rise in Mumbai’s real estate sector underscores a significant shift towards homeownership among modern buyers. Bolstered by improved infrastructure and heightened connectivity, particularly in Mumbai’s western suburbs, the surge in property purchases highlights a growing appreciation for investing in prime residential locations. This trend mirrors a broader recognition of the enduring value of owning a place to call home.”

Vedanshu Kedia, Director, Prescon Group
“We’re witnessing a significant uplift in property registrations, a direct reflection of the robust demand and confidence in the Mumbai real estate market. The 10% year-on-year increase in registrations underlines the enduring appeal of Mumbai as a premier destination for property investment. The month-on-month increase in total registrations coupled with a rise in stamp duty collections is a clear indicator of market resilience and a positive outlook. It’s an exciting time for the industry, and we are optimistic about the continued growth and dynamism in the Mumbai real estate sector.”

Also Read: RR Kabel’s Promoters pay ₹51 Cr for a Home in Mumbai

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Commenting on the new home buying trend, Prashant Khandelwal, CEO – Agami said, “Home buyers of today are more knowledgeable and do extensive research before buying a home. There is a growing trend of both spouses working and therefore, do not have much time to attend to daily chores. Kalanagar in Bandra for instance looks most promising as it is home to luxury residential properties and also in close proximity to commercial districts of BKC and Santacruz. Therefore, the convenience factor plays a major role in the decision making process whilst buying their home. They look at having all conveniences close at hand that saves on travel time and provides for a more convenient living experience.”

According to Track2Realty’s Consumer Confidence Survey, “Contrary to the industry narrative of bigger houses and preferences shifting to periphery locations, Indians are increasingly looking for convenience and lifestyle choices with a compact house.”

This changing perception of home buyers has come about due to improved connectivity within Mumbai and adjoining areas in the MMR region. There are a number of infrastructure projects that have been completed and some major projects ongoing which promises to enhance connectivity even further and help reduce commute time. This brings us to the question of where do you find such areas in Mumbai where people are flocking in order to purchase their desired home. The western suburbs of Mumbai like Goregaon, Kandivali, Borivali and even Mira Road are seeing huge demand for housing. This comes on the back of major infra projects being undertaken that will connect South Mumbai to the western suburbs in the north and beyond.

Commenting from the demand perspective, Mr. Rohan Khatau, Director, CCI Projects said, “Western suburbs of Mumbai are witnessing a greater housing demand due to various factors like improved connectivity and better social infrastructure. Home buyers not only look at buying a home that is in close proximity to Metro stations, malls, schools and hospitals, that provide convenience but also in areas with a potential of capital appreciation.”

Mumbai is upgrading with a number of world class infrastructure projects underway, giving a boost to the housing sector. Suburban areas are now better connected with South Mumbai which provides the home buyer with a plethora of buying options. Suburban Mumbai offers residents with all the convenience required for a comfortable living in close vicinity to their residence.

Speaking on how convenience is an important factor in a home buyer’s decision Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL) said, “Home buyers are especially looking at the western suburbs to buy a home, as this region offers a mix of affordable and luxurious properties. The western suburban belt is also close to a number of offices and commercial spaces in addition to being in the heart of large malls, Retail outlets and Entertainment zones. Given the enhanced connectivity, home buyers do not mind buying a more luxurious property, considering they get all these conveniences that come along with the home.”

In conclusion, rapid urbanization along with world class infrastructure has propelled the growth of the housing sector. The concept of selling a project solely based on its location can no longer be capitalized on. Home buyers have moved ahead and are now looking at buying into a project that sells convenience to its prospective customers. Apart from convenience, the project should be close to infrastructure projects to make it an attractive proposition to home buyers. 

Also Read: Good News for Homebuyers availing a Home Loan

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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.

On an annual basis, the registrations fell short by 10 per cent compared to the units registered a year-ago in July 2022. The increase in property prices, combined with a notable rise of 250 basis points (bps) in interest rate during this period, had a severe impact on property registrations in the below Rs. 1 crore segment.
Here is what the real estate experts have to say:

Sandeep Runwal, President, NAREDCO Maharashtra“The demand in the mid-income and premium segment continues to be robust. However, the steep hike in mortgage rates implemented since last year has started affecting the interest rate sensitive affordable housing category. It would be an appropriate time to look at the cost of premiums and boost the housing sector to prevent a slowdown.”

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“These figures only go on to reiterate that there is a sustained demand for housing. The government has initiated positive policy measures; this coupled with improved market sentiments and rise in income levels has further fuelled housing demand. The housing market has been buoyant with home buyers coming forward to purchase their homes. However, the hike in mortgage rates has dented demand in the affordable housing segment. We look forward to the government’s continued support that will sustain home sales, going forward.”

Also Read: Mumbai Records 10,161 Property Registrations in July 2023 – Down from June

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According to the data from the office of Stamp Duty and Registartion, the last month that is December 2022, Mumbai witnessed a total sales of 9,367 homes generating a total revenue of ₹835.36 crore.

This is way better than the month of November where 8,965 home registrations took place generating a revenue of ₹683.8 crore.

In October month the sales figure stood at 8,422 generating a revenue of ₹736 crore.

In September the home sales figure was 8,628 generating a revenue of ₹734.18 crore.

In August the number of home sales in Mumbai stood at 8,552. 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.

So overall the best month for home sales in Mumbai since the start of this financial year 2022-23 has been April where a total of 11,742 home sales took place.

Over all the year has done good compared to many previous years, in spite of no stamp duty cut and a regular increase in the repo rate.

With world situation changing with every minute, cost of construction going up and no stamp duty waiver in sight, the year 2023 will hold many surprises.

Also Read: Mumbai property registrations up by 15% in Nov 22

The post In the last month of 2022, Mumbai sold these many homes appeared first on Square Feat India.

State’s deputy chief minister and housing minister Devendra Fadnavis tweeted that the government in its latest cabinet meeting has approved the decision.

This good news is for first-time home buyers who plan to buy cheap affordable homes in Maharashtra under the PMAY scheme.

The state’s Stamp Duty and Registration department will collect only Rs 1,000 as stamp duty fee, instead of the usual six per cent (Mumbai) on registration of homes.

Why it has to be a first home of the homebuyer, because under the PMAY scheme anyone availaing the benefit of the subsidy cannot have a pucca house on his name throughout the country.

Not only this, but even the leave and license agreement will now attract a stamp duty of Rs 1000 informed Fadnavis in his tweet.

Also Read: Mumbai registers 9839 properties in May generates Rs 726 Cr Stamp Duty

The post Only Rs 1k stamp duty for EWS and LIG homes under PMAY appeared first on Square Feat India.

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.”

Also Read: October 2021 property registrations in Mumbai surpasses October 2020 inspite of stamp duty rebate last year

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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

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By Varun Singh

Mumbai property market witnessed the registration of over 9839 units in May 2022, up by 80% from a year ago, data from the Inspector General of Registration, Maharashtra. The number of units registered in May 2022 was the highest ever for the month of May, while monthly state revenue collections of Rs 726 crore rose by 166% from a year ago setting a new benchmark.

In May 2021, Mumbai had witnessed a registration of 5,360 units generating Rs 268 crore.

In April 2022 the government saw 11,744 home sales being registered in Mumbai. Via these sales the revenue generated stood at ₹738 crore.

The highest revenue generated this year was in month of March 2022, when the city witnessed a registration of 16,726 units which generated over ₹1,160 crore as stamp duty.

Many homebuyers advanced their purchase by filing in March 2022 while registering them in April and May 2022, effectively saving 1% metro cess that was implemented from April 1, on their deals. Around 37% of property registrations executed in May were filed in March at an effective stamp duty rate of 5%. While 2% of all properties registered in May were filed in April. Remaining 60% of them were filed in May 2022 having an effective stamp duty rate of 6%, showed the Knight Frank India data.

Homebuyers’ focus remained on residential properties priced at Rs 1 crore and below that made up 46% of registrations during the month, while properties above Rs 5 crore contributed 5% of the total deals.

Here is what the real estate experts have to say:
Ram Naik, Director, The Guardians Real Estate Advisory
“The months of April and May witnessing remarkable numbers in property registrations is great news for the Mumbai real estate market. This once again proves that the rise in property prices due to 1% metro cess and increased stamp duty has not affected the real estate market. There is a genuine demand for homes in the MMR market and if the government would have continued certain relaxations, then we would have seen a major bull run in this new financial year as well.”

Manju Yagnik, Vice-Chairperson Nahar Group, and Sr. Vice President, NAREDCO – Maharashtra, “The registration numbers for May 2022 are a clear indication of the upswing in demand witnessed by the real estate sector in Mumbai. Like India’s economy, the real estate industry is also experiencing a V-shaped recovery which could continue to sustain over the next 12 months as well. The recent change in the repo rate has also had an impact on customers immediately closing their purchases before any potential upward revision. I believe we would see far more registrations being recorded in the near future as well, be it in the affordable or even in the luxury segments.

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“May 2022 has yet again witnessed higher property registrations in Mumbai with the demand continuing to be robust. The strong sales was evidenced as the homebuyers rushed in to buy properties with a fear of further price hike. Factors such as reduction in stamp duty, all time low home loan rates, developers offering discounts and payment flexibility helped in the resurgence for real estate demand in the last two years. We may soon witness an upward revision in the prices due to the rise in interest rates and higher stamp duty prices. We will continue to urge the Government to look into the rising prices in interest of the homebuyers.”

Jitesh Lalwani – President, Homesync Real Estate Advisory
“Mumbai has witnessed an impressive ascent in property deals in the month of May 2022 which is nearly up by 80% from the previous year. Despite the current scenario of steep rise in property prices, the strong sales are proof that there is still demand in the market and reputed developers with a good track record will continue to dominate.”

Also Read: Did April home sales sustain the momentum or did it fail?

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By Varun Singh

Mumbai has managed to sell more than 3.7k homes in the first 10 days of the first month of the financial year 2022-23.

This is against all the predictions that starting from April there may be a dip in home sales. Because going by this average the figure by the end of the month would be close to 10k sales.

April month has seen a hike in stamp duty charges, the ready reckoner rates in most part of the state has gone up. There was a fear that this will impact the home sales.

However, data collected from the Department of Stamps and Registration office show that in April 2022, in the first 10 days, a total of 3779 sales were registered generating a revenue of ₹236 crore for the state government.

This is almost on the lines of what the best home sales month in the financial year of 2021-22 saw.

Lets have a look at the last year’s figures of all the 12 months. Let’s start with April 2021, in the first month of FY-2021-22 a total of 10,135 sales were registered generating ₹514 crore.

In May the impact of COVID 19 second wave was clearly visible where only 5,360 sales were registered generating only ₹268 crore.

June month saw a total of 7,856 home sales registration with a revenue generation for the stamp duty office worth ₹420 crore.

July was better, where 9,822 sales got registered the revenue generated was ₹566 crore.

August, September, and October saw 6,784, 7,804, and 8,576 sale registration while revenue generated was ₹420 crore, ₹529 crore, ₹550 crore respectively.

November saw a dip compared to October where 7,582 sales were registered in the month generating a revenue of ₹549 crore.

December month generated a revenue of ₹758 crore via 9,681 sales.

January saw 8,155 sales generating a revenue of ₹478 crore.

February till date has performed the best when it comes to sales registration in the entire FY 21-22. A total of 10,379 sales were registered in February generating a revenue of ₹614 crore.

By the end of the financial year that is March, Mumbai witnessed over 16,726 which generated over ₹1,160 crore.

This is the highest revenue generated in the entire financial year 2021-22.

Going by this logic, it is expected that April 2022, will be close to the figures that of February, which actually performed pretty well.

Also Read: Will Real Estate continue to offer a profitable Return on Investment

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