Best performance in 10 years for Sept! Home registrations in Mumbai municipal region up 35 pc

Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank.

The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019.

"Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.

The registration data is till 9 am morning.

The consultant highlighted that 94 per cent of property registrations in September 2021 pertain to fresh sales. The share of houses in the Rs 1 crore and above segment has increased to 49 per cent in September 2021, compared to 30 per cent in April 2021 and 40 per cent in June 2021.

Knight Frank said that the government revenue collection increased by a strong 186 per cent YoY in September 2021.

"Higher stamp duty rate and increased sales volume played a role in this robust revenue collection. Higher than the 2019 monthly pre-pandemic average revenue collection rate of Rs 454 crore, the revenue collection stood 14 per cent higher at Rs 516 crore in September 2021," it said.

Shishir Baijal, chairman and managing director of Knight Frank India, said buyers remained active despite the roll-back of the stamp duty incentive.

"Improved pandemic scenario and conducive factors of multi-year low property price and multi-decade-low home loan interest rate have also played an instrumental role," he said.

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With the upcoming festival season, Baijal said the market is gearing up for new project launches to benefit from this improved demand conditions.

"Given the prevalence of conducive demand drivers, sales momentum going forward is expected to remain strong," he added.

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.