Mumbai housing registrations surge 35% YoY in Sept: Knight Frank

Housing registrations in the Mumbai municipal region rose 35% year-on-year to 7,556 units during this month on rising demand, as per Knight Frank. The registrations for September 2021 were 87% more as against the pre-pandemic period of September 2019. In a statement, Knight Frank said that the Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) reported its best September month performance. Recording a 35% YoY increase in property registrations in September 2021, 7,556 units is a 10-year best performance in September. The registration data is till morning 9 am. The consultant emphasised that 94% of home registrations in September 2021 concern fresh sales. The share of homes in the Rs 1 crore and above segment has grown to 49% in September 2021, as against the 30% in April 2021 and 40% in June 2021. Knight Frank said that the government revenue collection surged by a strong 186% YoY in September 2021. Higher stamp duty rate and enhanced volume of sales played a role in this robust revenue collection. The revenue collection was 14% higher at Rs 516 crore in September 2021 compared to the 2019 monthly pre-pandemic average revenue collection rate of Rs 454 crore. Shishir Baijal, chairman and managing director of Knight Frank India, told the media that the buyers were active despite the roll-back of the stamp duty incentive. Improved pandemic scenarios and helpful factors of multi-year low property cost and multi-decade-low home loan interest rate have also performed a significant role. With the forthcoming festival season, Baijal said that the market is preparing for new project launches to profit from these developed demand conditions. Given the prevalence of conducive demand factors, sales momentum increasing is likely to remain strong. In Mumbai's primary housing market, Godrej Properties, Mahindra Lifespace Developers, Kalpataru Limited, Macrotech Developers (Lodha group), Hiranandani Group, Oberoi Realty, Tata Housing, Shapoorji Pallonji, Piramal Realty, Rustomjee group and K Raheja group are prominent players. Image SourceAlso read: Mumbai property registrations set a new high record for July Also read: Out of 67k registered properties under RERA, 46% in Maharashtra