Property registrations in Mumbai up 20% in August: Report

Property registrations in Mumbai municipal area this month rose 20 per cent to more than 8,100 units -- highest in 10 years for August -- but fell 28 per cent from July, according to Knight Frank.

Mumbai city (BMC area) saw property sale registrations of 8,149 units in August 2022, contributing over Rs 620 crore to the state revenues, Knight Frank India said in a statement.

In July, the registration of properties stood at 11,340 units.

"August 2022 was the best in a decade for the month of August in a decade," it said.

The consultant highlighted that 85 per cent of the properties registered in August 2022 were residential and 9 per cent commercial.

"The largest share of home buyers in August 2022 is in the 31-45 years of age category having a contribution of 47 per cent of the total residential property registrations. Buyers in the age group 46-60 years have a share of 32 per cent, while 12 per cent home buyers are under 30 and 9 per cent are over 60," Knight Frank said.

Properties in Rs 1-2.5 crore segment have contributed 45 per cent to the total registration. Properties with a ticket size of Rs 1 crore and below stood at 40 per cent while the share of properties between Rs 2.5 crore to Rs 5 crore was 11 per cent.

Knight Frank India Chairman and Managing Director Shishir Baijal said, "August has historically been a slower month, recording a month-on-month decline in eight out of the last ten years".

The rise in repo rate of 140 basis points, leading to a rise in home loan rates, and the increase in stamp duty have had an impact on buyer sentiments.

"Despite that, Mumbai's home sales momentum has remained comparatively buoyant and recorded a 20 per cent growth over the same period last year. It may hence be too early to assess

if the impacts of these rate changes on housing sales are long-term. Further, homebuyer sentiments are expected to sustain in the upcoming festive season," Baijal said.

As per the data, 95 per cent of all property sales registrations in August 2022 were for properties transacted in the same month. About 3 per cent of properties registered in August 2022 were filed in July 2022 and around 2 per cent of these deals were filed in March and June 2022.

The data has been sourced from the Maharashtra government's Department of Registrations and Stamps. It relates to transactions in both primary and secondary property markets.