Property Registration in Mumbai down by 26% to 7,732 units in Jan

According to Knight Frank India, registration of residential properties in the Mumbai municipal area fell 26% on an annual basis to 7,732 units due to movement restrictions imposed to halt the spread of the Covid-19 pandemic.

In January 2022, 7,732 units were registered for sale in the Municipal Corporation of Greater Mumbai (MCGM) region, compared to 10,412 units in the same month last year.

The consultant said in a statement that this is due to difficulties encountered in the first half of the month as a result of the third wave of Covid, which slowed movement.

In January 2022, the government received Rs 453 crore in revenue from property registrations.

While registrations were down 26% year over year in January 2021, revenues were up 48%. According to Knight Frank, the same period last year had a lower stamp duty rate window of 3% and was not as badly affected by Covid.

The consultant went on to say that the January 2022 registration volume is higher than any January before Covid.

According to Shishir Baijal, Chairman & Managing Director, Knight Frank India, caution over the third wave has influenced sentiments, which is reflected in January registrations.

The Union Budget and Monetary Policy actions, according to Baijal, will be critical in catalysing latent demand over the next fortnight.

Knight Frank's data on housing property registration covers both primary and secondary (resale) markets.

According to a report published earlier this month, registration of homes in the Mumbai Metropolitan Region (MMR) increased by 53% last year to 2.42 lakh units, owing to Maharashtra's reduction in stamp duty and low-interest rates on home loans. Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), real estate consultant Colliers India, and data analytics firm CRE Matrix collaborated on the report.

Residential property registrations totaled 2,42,061 units in 2021, compared to 1,58,327 units in 2020 and 2,01,613 units in 2019.

Abhishek Kiran Gupta, CEO of CRE Matrix, said the value of property registered was Rs 1.9 lakh crore last year, Rs 1.12 lakh crore in 2020, and Rs 1.29 lakh crore in 2019.

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Also read: Mumbai's housing registrations surge 53% to 2.42 lakh units in 2021