In February 2024, Mumbai skilled the best variety of property registrations for any February month in 12 years. (Representative picture)
Homebuyer confidence within the Mumbai market continues to stay robust and the outlook stays constructive.
Mumbai metropolis (space beneath BMC jurisdiction) in February 2024 recorded registration of 11,742 properties, contributing to a income of Rs 865 Crores (Cr) for the state authorities. Registrations elevated by a notable 21% Year-on-Year (YoY) even whereas income from property registrations dipped by 22% on a YoY foundation.
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The decline in stamp responsibility collections is attributed to terribly elevated stamp responsibility collections final yr following the federal government’s resolution to restrict tax deductions on capital positive factors earned from the sale of residential property after March 31, 2023. On a month-on-month (MoM) foundation, whole registration and stamp responsibility collections elevated by 7% and 14% respectively.
Homebuyer confidence within the Mumbai market continues to stay robust and the outlook stays constructive. This constructive outlook has led to a considerable upswing in property registrations in Mumbai. Of the general registered properties, residential models represent 80% and the remaining 20% represent non-residential belongings.
February 2024 Sets Record For Best February Month In 12 Years
In February 2024, Mumbai skilled the best variety of property registrations for any February month in 12 years. The prior peak in February 2022 was fuelled by heightened optimism and the discharge of pent-up demand because the pandemic’s results diminished. However, the latest upsurge could be credited to rising earnings ranges and a beneficial sentiment in the direction of homeownership.
500-1000 sq ft Area Properties Continue To Dominate Property Registrations
In February 2024, there was a rise within the share of residences measuring 500 sq. ft. and under, rising to 45%, versus the 34% recorded within the earlier yr. Conversely, the share of residences starting from 500 sq. ft. to 1000 sq. ft. witnessed a decline, lowering to 42% from the 45% reported throughout the identical interval final yr.
Nevertheless, this seems to be an remoted incidence, because the Mumbai homebuyer has been predominantly inclined in the direction of bigger residences in latest months.
Of the full properties registered, central and western suburbs collectively constituted over 73% as these places are a hotbed for brand new launches providing a variety of contemporary facilities and good connectivity.
86% of western suburb customers and 92% of central suburb customers decide to buy inside their micro market. This selection is influenced by the familiarity of the situation, together with the provision of merchandise that align with their pricing and have preferences.
Shishir Baijal, chairman & MD, Knight Frank India, mentioned, “The Mumbai residential market has maintained its exceptional performance in February. The sustained strength in the property registrations highlighted by a 21% YoY and 7% MOM rise underscores the market’s resilience and allure. This positive trajectory is expected to sustain, particularly with the anticipated robust economic momentum and the potential easing of interest rates during the year, creating a favourable environment for homebuyers.”
