Mumbai property registrations see 70% spike in 2021
1 min read 31 Dec 2021, 01:27 PM ISTIn all, 9,320 properties were registered in December 2021, 52% lower than the corresponding period of 2020, that had the lowest stamp duty rate window at 2%
PremiumBengaluru: Property sale registrations in Mumbai saw a 70% rise to 111,552 units in 2021 from the previous year and 45% more than the pre-pandemic year of 2019.
It witnessed 9,320 property registrations in December 2021, 52% lower than the corresponding period of 2020, which had the lowest stamp duty rate window at 2%.
According to property advisory Knight Frank India, the previous annual high recorded in the period under study was 80,746 property registrations in 2018.
Sequentially, December witnessed a 23% month-on-month jump in registrations. The last month of 2021 also saw the fastest per day registrations in the past five months, and the daily sales rate accelerated towards the latter part of the month. Compared to the daily sales rate of 293 registrations per day in the first 20 days of December, it increased to 314 registrations per day during the remaining 11 days of the month.
The western suburbs’ sales contribution was 53%, followed by the central suburbs’ contribution of 31% in 2021. About 83% of sales concentrated in the up to 1,000 sq. ft housing segment, indicating the continuing demand for larger homes. The up to 500 sq. ft segment contributed to 42% of the total registrations in 2021, followed by 500-1,000 sq. ft, which accounted for 41%. The 1,000-2,000 sq. ft segment contributed 13% of housing sales.
“The sales momentum in Mumbai continues to maintain its pace well into the last day of the year. What started as a sop-led growth, sales trend in the city has now come to a certain phase of stability and indeed maturity. With the exception of December 2020, which was induced with stamp duty rebate leading to a surge in purchases and registrations of properties, December 2021 has witnessed the highest registration for the month of December in the previous 10 years," said Shishir Baijal, chairman and managing director, Knight Frank India.
“Despite being the most expensive market in India to own a home, factors like lower capital values and decadal-low home loan interest rates have made Mumbai more affordable than previous years, thus making buying conditions favourable for end-users. We expect this trend continue in the new year, barring any disruptions caused by the new covid variant," Baijal added.
