Bengaluru: Mumbai recorded property sale registrations of 7,582 units in November, an 18% decline year-on-year compared to the corresponding month last year, when the stamp duty rate was reduced to 2%.
Sequentially, property registrations fell by 12%. In October 2021, the city had recorded a decadal best October month property sale registration, at 8,576 units.
Property sale registrations in Mumbai (MCGM region) have crossed the 100,000 mark for the first time in a decade, compared to the earlier decade-high at 80,746 units in 2018.
“The consumer sentiment in Mumbai housing market remains strong. The growth rate has moderated when compared to the year ago period when market was buoyant on account of the lowest applicable stamp duty rate window. The demand enablers in the form of low house prices, low home loan interest rate and new project launches continue to entice homebuyers. The threat of new covid-19 variants and response from healthcare system will be crucial in determination of market activity level in near future,” said Shishir Baijal, chairman and managing director, Knight Frank India.
The share of ₹1 crore and below price segment of homes in the latest three-month period, has increased from 51% in September 2021 to 53% in October 2021 and currently stands at 58%. The share of this segment was lower during the stamp duty incentive window when many homebuyers in the higher value ticket size segments were more active. However, since the resumption of the regular stamp duty rate in April 2021, this segment remains a dominant part of homebuyer preference in the city.
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