According to the most recent data from the Maharashtra government’s Department of Registrations and Stamps (IGR), properties registered in Mumbai city and its environs saw a slight increase of just over 2 percent in January 2023, but a significant decline of 11 percent in February 2023, according to year-over-year figures.
The Department of Registrations and Stamps of the Maharashtra government reported 9,268 property registrations in Mumbai and its environs in February 2023. (IGR). This implies a minor rise above the 9,001 figure from the previous month of a little over 2%.
When comparing figures from year to year, February 2023 saw a substantial 11 percent decline, with only 9,268 asset registrations as opposed to 10,379 the year before. 10 172 entries were made in February 2021.
Despite the year-over-year decline, there were 331 units of commercial property in Mumbai registered per day on average in February 2023, placing it third out of the last ten years following February 2022.
Knight Frank India, a real estate advisory business, reports that the stamp duty reduction resulted in the highest average daily sale of 363 flats in February 2021.
In February 2022, there was an increase in property registration due to a rush of rolls before the Metro cess was imposed, with an average daily sale of 371 units.
Yet, there is room for reconciliation of the data. 18% of the properties on the list were not residential, while 82% of them were. Real estate property in Mumbai recorded 9,268 real estate sales in February 2023, bringing in more than INR 1,084 crore for the state.
Mumbai’s property registration rate can change depending on a number of variables, including market conditions, governmental regulations, and economic reasons.
Although registering many properties in a short amount of time is usual, the precise number of properties registered in 11 days will depend on a variety of circumstances.
Why did registrations rise?
Home loan rates continued to be favorable for the growth narrative of the real estate sector notwithstanding a 25 basis point increase in the repo rate in February 2023. Knight Frank estimates that since April 2022, the repo rate has grown by 250 basis points, going from 4.0% to 6.50% this month.
The average price of properties recorded in February 2023 increased, which resulted in a large increase in revenue for the state exchequer, according to the report.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, the average price of properties filed this month was Rs 1.9 crore, which is 65 percent more than the average value of homes registered in February 2022, which was Rs 1.18 crore.
In addition to the increase in value, he continued, “the Metro Cess contribution has also increased to the revenues.” As a result, for the month of February, there was a 39 crore rupees daily high-income collected over a decade. This illustrates the strength of the mid-to-high-end industry, which is buoyant despite adverse conditions.
In February 2023, purchasers continued to favor smaller apartments (between 500 and 1,000 square feet), which made up 45 percent of all flats. The market share of apartments under 500 square feet decreased from 35% in January 2023 to 34% in February 2023.
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