Mumbai property registrations reaches new heights in March 2022
Mumbai property sale registrations touched 16,152 units in March 2022 contributing nearly Rs 1,131 crore to the state’s revenue as per data from the Inspector General of Registration, Maharashtra.
The number of units registered in March 2022 was the third best in a decade, while monthly state revenue collections were at a 10-year high, according to data compiled by Knight Frank India. Maximum registrations were in the price band of Rs 1-5 crore, while in terms of apartment size, mid-sized homes ranging between 500 and 1,000 square feet were the most preferred category of property registered in March 2022.
Here is what the real estate experts have to say:
Sandeep Runwal - President, NAREDCO Maharashtra
"Mumbai saw a huge surge in property registrations for the month of March which is very much similar to the robust sales last year which was due to the stamp duty reduction by the Maharashtra Government. Over 16000 housing units registered in this month indicates that consumers have grabbed the last opportunity to purchase properties as the prices are set to rise due to the factors like 1% metro cess, ready reckoner rates, increased stamp duty and hike in raw material prices. We are requesting the intervention of the Housing Ministry to curb the increased difficulties faced by realtors and buyers or it will be a big setback for the Government's mission of 'Housing for All' as affordable housing will be a distant dream."
Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
"The month of March 2022 has yet again witnessed record 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 price hike. But the industry isn't out of the crisis situation yet after the pandemic as we will soon witness an upward revision in the prices due to the rising construction costs and higher stamp duty as a result of the metro cess and ready reckoner rates. We will continue to urge the Government to look into the rising prices in interest of the homebuyers."
Ram Naik, Director, The Guardians Real Estate Advisory
"The financial year ended with great news for the Mumbai real estate market with many home buyers at the property registrar office that the registrar had to work overnight. This once again proves that Indian real estate has become a user market. The home buyers know exactly when to buy, where to buy and how to buy. This also symbolizes how much home buyers in Mumbai have become price savvy while buying a new home. How even a one percent saving in the stamp duty can reduce the decision-making period of a customer. This also signifies that there is a genuine demand for homes in MMR market and if the government had passed a deferment on the metro-cess and the construction cost had remained under control then we would have seen a bull run in this new financial year."
Jitesh Lalwani - President, Homesync Real Estate Advisory
"Mumbai has witnessed an impressive ascent in property deals with close to 16000 units of sale registrations in the month of March 2022. Given the current scenario of steep rise in property prices from April onwards, owing to the increase in stamp duty, ready reckoner rates, raw materials prices and metro cess, we have seen homebuyers take the utmost advantage in the current month resulting in such a huge contribution to the state’s revenue."