Mumbai state’s earnings from property registrations increased 47% year on year (YoY) to Rs. 620 cr in August 2022.
According to Knight Frank India’s study, Mumbai city (BMC region) recorded property sale registrations of 8,149 units in August 2022, providing about Rs 620 crore to state income. Property sales registration increased by 20% year on year (YoY) in August 2022 but fell by 28% month on month (MoM) in comparison to July 2022. The number of property registrations in August 2022 was the most in a decade for August in the previous ten years. Year on year (YoY), state revenue from property registrations increased by 47%.
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As many as 60% of all registrations in August 2022 were in the price range of more than Rs 1 cr, with apartment size homes ranging from 500 to 1000 sq ft being the most popular in this month. In August 2022, 85% of all properties registered were residential sales, up from 86% the prior month, while commercial property deals contributed 9%, down from 10% the previous month. Industrial property transactions contributed 1%, while land transactions contributed less than 1%. Other types of property transactions accounted for 4% of total transactions in August 2022.
Low borrowing rates have been the most important element in the recent spike in real estate demand.
The attractive Christmas deals given by developers, together with flexible payment options, and improved consumer awareness, could continue to push the sector’s development in the 2019 festive season. Festive promotions boosted sales even further.
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In August, Mumbai property registrations increased by 20% year on year FAQs
What is the future of real estate in Mumbai?
According to a joint analysis by India Sotheby’s International Realty (SIR) and CRE Matrix, Mumbai’s luxury real estate market has experienced significant growth to Rs 20,255 crore, the most in four years in 2021, and may already be on its way to breaking a new record in 2022.
Are property prices rising in Mumbai?
According to Knight Frank India statistics, Mumbai and Bangalore topped the price increase with 9% increases each, while the National Capital Region and Pune saw 7% increases apiece. Since the outbreak of the pandemic, there has been a robust resurgence in home purchases, which has continued despite inflationary worries in the economy.