Mumbai property sale registrations touched 16,152 units in March 2022 contributing nearly INR 1,131 crore to Maharashtra's revenue as per data from the Inspector General of Registration, Maharashtra.
The number of units registered in March 2022 was the third-best in a decade, while monthly state revenue collections were at a 10-year high, according to data compiled by Knight Frank India. Maximum registrations were in the price band of INR 1-5 crore, while in terms of apartment size, mid-sized homes ranging between 500 and 1,000 square feet were the most preferred category of property registered in March 2022.
Here is what the real estate experts have to say:
Sandeep Runwal - President, NAREDCO Maharashtra
"Mumbai saw a huge surge in property registrations for the month of March which is very much similar to the robust sales last year which was due to the stamp duty reduction by the Maharashtra Government. Over 16000 housing units registered this month indicate that consumers have grabbed the last opportunity to purchase properties as the prices are set to rise due to the factors like 1 per cent metro cess, ready reckoner rates, increased stamp duty and hike in raw material prices."
Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
"March 2022 has yet again witnessed record property registrations in Mumbai with the demand continuing to be robust. The strong sales were evidenced as the homebuyers rushed in to buy properties with a fear of price hikes. But the industry isn't out of the crisis situation yet after the pandemic as we will soon witness an upward revision in the prices due to the rising construction costs and higher stamp duty as a result of the metro cess and ready reckoner rates."
Ram Naik, Director, The Guardians Real Estate Advisory
"This once again proves that Indian real estate has become a user market. This also symbolizes how much home buyers in Mumbai have become price-savvy while buying a new home. How even a one per cent saving in the stamp duty can reduce the decision-making period of a customer. This also signifies that there is a genuine demand for homes in the MMR market and if the government had passed a deferment on the metro-cess and the construction cost had remained under control then we would have seen a bull run in this new financial year."
Jitesh Lalwani - President, Homesync Real Estate Advisory
"Mumbai has witnessed an impressive ascent in property deals with close to 16000 units of sale registrations in the month of March 2022. Given the current scenario of a steep rise in property prices from April onwards, owing to the increase in stamp duty, ready reckoner rates, raw materials prices and metro cess, we have seen homebuyers take the utmost advantage in the current month resulting in such a huge contribution to the state’s revenue."
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