Mumbai witnesses 11,744 units property sale registrations in April 2022

In April 2022, Mumbai city (MCGM region) saw property sale registrations of 11,744 units, providing approximately Rs 738 crores to state income, according to Knight Frank India, the country's top real estate consultant. The number of units registered in April 2022 was the most in a decade, while monthly state revenue collections for April were at a 10-year high. In April 2022, almost 55% of registrations were in the price range of above one crore, with mid-sized houses (ranging between 500 and 1,000 sq ft) being the most popular type of property. The strongest April month in the decade was April 2022, with 11,744 property sale registrations, followed by April 2021, with 10,136 home sale registrations. Both were preceded by record-breaking March months, with March 2021 gaining traction as the last month before the introduction of an additional 1% metro cess (3% stamp duty applicable rate) and March 2022 seeing higher sales as the last month before the introduction of an additional 1% metro cess. Consumers who filed in March 2022 and registered in April 2022 effectively saved a 1% metro cess on their purchases. At a stamp duty rate of 5%, 82% of property registrations performed in April 2022 were filed in March 2022. With an effective stamp duty rate of 6%, 17% of properties registered in April 2022 were filled in April 2022. Residential transactions account for 86% of all property registrations in April 2022. Commercial property transactions account for 8% of the total, while industrial property transactions account for 3%. The contribution of land deals is less than 1%. Other types of real estate transactions account for the remaining 3% of properties recorded in April 2022. Homes of 500-1,000 sq ft remained the most popular, accounting for 47% of all registrations in April 2022, followed by compact homes of up to 500 square feet, which accounted for 36% of all registrations. Homes with carpet areas of less than 500 sq ft previously received a government incentive of 100% property tax exemption, which is likely to further boost the cheap housing segment. Home sizes ranging from 1,000 to 2,000 square feet accounted for 15% of all registrations. Residential properties with ticket sizes of Rs 1 crore and below were the focus in April 2022, accounting for 45% of residential registrations. A contribution of 39% is made in the range of Rs 1 crore to 2.5 crore, while a contribution of 10% is made in the range of Rs 2.5 crore to 5 crore. The Mumbai market was dominated by the Western Suburbs, followed by the Central Suburbs. In April 2022, the shares of Central Mumbai and South Mumbai increased to 7% and 6%, respectively. Western Suburbs' share has also increased to 62%, up from 51% in March 2022. In April 2022, the Central Suburb's proportion of property registrations fell from 38 to 25%. In April 2022, customers in Mumbai expressed an interest in acquiring a property in their current micro-market. Residential houses in the Western Suburbs have piqued the curiosity of out-of-city purchasers. The government's April 2022 revenue collection of Rs 738 crore was a decadal high, surpassing April 2021's collection of Rs 514 crore. April 2022 had a year-on-year (Y-o-Y) increase of 43% over April 2021, when the effective stamp duty rate was 1% lower. Image Source Also read: Indian real estate market poises to touch Rs 65,000 cr by 2024