‘Registration of properties in Mumbai metropolis declines 52% in Dec; up 70% for 2021’

Registration of housing properties within the Mumbai municipal area fell 52 per cent year-on-year to 9,320 items throughout December on increased base, however the numbers jumped 70 per cent within the full calendar 12 months 2021 to 1,11,552 items, in keeping with Knight Frank India.

The registration numbers for full 12 months 2021 are the very best in a decade.

The registration of properties stood at 19,581 items in December 2020, due to decrease stamp obligation charges.

In the complete final 12 months, 65,633 properties had been registered.

Registration information is of transactions made in each major and secondary (re-sale) residential markets.

“Mumbai metropolis (MCGM area) noticed complete property sale registrations of 111,552 in 2021,” Knight Frank mentioned.

Complete registrations in 2021 had been increased 70 per cent year-on-year (y-o-y) over 2020 and 45 per cent increased than the pre-pandemic 12 months of 2019, it added.

Knight Frank India Chairman and Managing Director Shishir Baijal mentioned, “The gross sales momentum in Mumbai continues to keep up its tempo properly into the final day of the 12 months. What began as a sop-led progress, gross sales development within the metropolis has now come to a sure part of stability and certainly maturity.”

Regardless of being the costliest market, he mentioned components like decrease capital values and decadal low house mortgage rates of interest have made Mumbai extra inexpensive than earlier years.

Commenting on the registrations, Amit Goyal, CEO of India Sotheby’s Worldwide Realty, mentioned, “These sturdy numbers mirror the assured temper of homebuyers.”

“Whereas the primary three months of the 12 months witnessed vital transactions in Mumbai due to stamp obligation waiver by the federal government, the remainder of the 12 months was buoyant attributable to a number of components

low house mortgage charges, pent-up demand, and need to improve to greater properties,” he mentioned.

Goyal anticipated demand to enhance additional in 2022.

S Raheja Realty Director Ram Raheja mentioned, “The constant efficiency since 2020 displays that the rising demand from homebuyers was not a short lived spike.”

Mumbai has carried out exceptionally properly with extra fence-sitters taking the plunge and present patrons in search of bigger areas, he added.

Macrotech Builders (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Builders, Rustomjee group and Okay Raheja group are main gamers within the Mumbai market.

Bengaluru-based Status group and Puravankara Ltd have additionally entered the Mumbai market.

(Solely the headline and movie of this report could have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)

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