Mumbai sees 18% y-o-y dip in property registrations in November

Knight Frank India said in a statement, “Mumbai city (MCGM region) property sale registrations have crossed the 100,000 mark for the first time in a decade. The earlier high during the last 10 years was 80,746 units in 2018.”

Registration of housing properties in Mumbai municipal region fell by 18% in November to 7,582 units, but numbers during January-November jumped over twofold to 102,232 units, the highest in last one decade, according to Knight Frank. The registration of homes stood at 7,582 units in November last year. During January-November 2020, 46,052 homes were registered.

Registration data is of transactions made in both primary and secondary (re-sale) residential markets.

The consultant attributed the fall in registrations number in November 2021 to a lower stamp duty rate of 2% in the same month last year.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “The consumer sentiment in Mumbai housing market remains strong. The growth rate has moderated when compared to the year ago period when market was buoyant on account of the lowest applicable stamp duty rate window.”

The demand enablers in the form of low house prices, low home loan interest rate and new project launches continue to entice homebuyers, he added.

Baijal said, “The threat of new COVID-19 variants and response from healthcare system will be crucial in determination of market activity level in near future.”

In Mumbai’s primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are major players.