Mumbai Breached 1 Lakh Registration Benchmark in 10 Months
The country’s financial capital market has recorded its second-best Diwali performance and breached the 1-lakh registration benchmark in the first 10 months of the year, according to data compiled by Knight Frank India from the Maharashtra government’s Department of Registrations and Stamps (IGR). The market has seen the registration of over 8,361 property deals driving the revenue collection to over Rs 717 crore, showed the data from the inspector general of registration, Maharashtra. While the number of registrations was marginally lower in October from a year ago, state exchequer fetched 30% higher stamp duty revenue. October, which was the festive month for the year, recorded the second-best Diwali period sales. Diwali in 2020, which fell in November that year, saw the best registration numbers at over 9,300 backed by the sop of reduced stamp duty. The incentive had played a vital role in reviving the property market of Mumbai city. In the span of 10 months, property registrations have already breached the 1-lakh benchmark for the first time in 10 years such early in the year, reflecting strong sales momentum in 2022 supported by October 2022 sales. The property registrations grew by 9% on-year recording 1,03,557 properties registered between January to October 2022. While the government revenue collection also grew substantially by 53%, the best in the last 10 years, crossing Rs 7,300 crore in this period.
Tags : country financial market Mumbai Diwali performance registration benchmark Knight Frank India Department of Registrations and Stamps