Knight Frank India, noted that Mumbai city (MCGM area) saw total property sale registrations of 9,805 units in February 2022. The government revenue from property registrations rose 56% Year-on-Year (YoY) to be recorded at INR 549 Crores in February 2022 against February 2021, even while registrations were lower by 4% on YoY comparison over February 2021. Last year same period had the lower stamp duty rate window (stamp duty rate of 3%).
The daily average for property registrations was recorded at 350, highest in the last 11 months period since the stamp duty sop ended. Additionally, February 2022 registration volume is higher than all pre-COVID February months. Further it also records the highest MoM growth in February since 2013.
With 55% share Western suburbs continues to dominate housing sales in the city
Western suburbs, followed by Central Suburbs dominate the Mumbai market. With a 55% contribution, Western Suburbs remained the most prominent market in the month of February 2022; followed by 33% of Central Suburbs. Share of South Mumbai dropped from 8% in January 2022 to 6% in February 2022.
With the improvement in affordability, homes of 500 -1,000 sq ft continued to be the preference, accounting for 47% of the total registrations in February 2022, followed by compact homes of up to 500 sq ft, which has bagged a share of 36%. Homes of 1,000- 2,000 sq ft accounted for 15% of total registrations.
Properties with a ticket size of INR 1 Cr and below hold a share of 48% in February 2022, it has dropped from 51% in January 2022. Share of properties with ticket size of INR 1 Cr to INR 5 Cr have risen from 45% in January 2022 to 48% in February 2022. 4% of properties were purchased in above INR 5 Cr segment.
Government revenue collection in February 2022 was recorded at INR 549 crore until 27th February and has crossed February 2021 revenue of 352 crore, recording an increase of 56% YoY. It has come on the backdrop of slightly lower property sale registrations at a higher stamp duty rate of 5% now compared to 3% last year.