Mumbai property registrations peak in June

Despite the increase in interest rates and the elimination of the reduced stamp duty advantage, Mumbai, the largest and most expensive real estate market in the nation, continued its record-breaking streak in June.

The number of property registrations in India's financial hub increased by 23 per cent from a year earlier to over 9,675 during the month, making it the largest in terms of both the volume of transactions and the amount of stamp duty collected. The state exchequer has received over Rs 7.14 billion from stamp duty fees, up more than 70 per cent from a year ago due to the larger number of agreements that were completed.

Growing employment and job markets, increased incomes, income stability, returning to the office and campus scenarios, and substantial core sectors of the economy that pose a greater degree of resumption all have a good cumulative effect on the demand for homes.

Homes between 500 and 1000 sq ft were the most popular kind of apartment during the month, with over 52 per cent of property registrations falling in the Rs 10 million and above price range.

With a contribution of 46 per cent of June's registrations, the age group of 31 to 45 years old had the highest percentage of house purchasers. 32 per cent of homebuyers were in the 46 to 60 year old age range, while 11 per cent were under 30 and 11 per cent were over 60. 38 per cent of the properties registered during the month are tiny dwellings under 500 sq ft, up from 34 per cent in May.

Following the state government's announcement of a limited-window cut in stamp duty, Mumbai has recently been establishing new standards for real estate transactions.