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The registration of properties in Mumbai and its suburbs witnessed 8,756 property registrations in November 2022 up by 15% as compared to November 2021, and 4% more than 8,276 in October 2022 according to Knight Frank India data.
According to the report prepared by Knight Frank India, some moderation in property sales registration momentum has been witnessed in the last 6 months. This is owing to increases in home loan interest rates, property prices, and stamp duty which together impacted house purchase affordability, said the report.
The share of homes ranging from 500-1,000 sq ft accounts, made up almost half the residential properties registered in November 2022. The share fell from 47 percent in October 2022 to 46 percent in November 2022. Compact homes continue to hold the second preference, with their share taking up 36 percent in November 2022.
Homes ranging from 1,000-2,000 sq ft saw a rise in share from 14 percent in October 2022 to 16 percent in November 2022 while the share of over 2,000 sq ft homes fell from 3 percent to 2 percent in November 2022.
Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI said, "This festive season Mumbai has witnessed moderate property registrations amidst the hike in interest rates and rise in the property prices. This signifies that the low interest rates have been the biggest factor in the resurgence for real estate demand in the last two years. Therefore the sharp acceleration of interest rates in a short span of time have resulted in a short-term effect on the sentiment of homebuyers. We request the State Government to step-in and lighten the homebuyer’s load by reducing the stamp duty so that the demand sustains going forward."
