Bengaluru: Property sale registrations in Mumbai rose 70% on a year-on-year foundation to 111,552 items in 2021, and have been 45% increased than the pre-pandemic yr of 2019.
In all, 9,320 properties have been registered in December 2021, 52% decrease than the corresponding interval of 2020, that had the bottom stamp obligation fee window at 2%.
The earlier annual excessive recorded within the interval below examine was 80,746 property registrations in 2018, in keeping with property advisory Knight Frank India.
December witnessed a 23% month-on-month soar in registrations. The final month of 2021 additionally noticed the quickest per-day registrations within the final 5 months, and the day by day gross sales fee accelerated in the direction of the latter a part of the month. In comparison with the day by day gross sales fee of 293 registrations per day within the first twenty days of December, it elevated to 314 registrations per day in the course of the remaining 11 days of the month.
The western suburbs’ gross sales contribution was at 53% adopted by the central suburbs with a gross sales contribution of 31% in 2021. About 83% gross sales concentrated within the as much as 1,000 sq ft housing phase, indicating the persevering with demand for bigger properties. The as much as 500 sq ft phase contributed to 42% of the overall registrations in 2021, adopted by 500- 1000 sq ft, which accounted for 41%. The 1,000–2,000 sq ft phase contributed 13% to housing gross sales.
“The gross sales momentum in Mumbai continues to keep up its tempo effectively into the final day of the yr. What began as a sop led progress, gross sales pattern within the metropolis has now come to a sure part of stability and certainly maturity. Excluding December 2020, which was induced with stamp obligation rebate resulting in a surge in purchases and registrations of properties, December 2021 has witnessed the very best registration for the month of December in earlier 10 years,” stated Shishir Baijal, chairman and managing director, Knight Frank India.
“Regardless of being the costliest market in India to personal a house, elements like decrease capital values and decadal low house mortgage rates of interest have made Mumbai extra inexpensive than earlier years, thus making shopping for situations beneficial for end-users. We count on this pattern proceed within the new yr, barring any disruptions brought on by the brand new covid–19 variant,” Baijal added.
Properties within the sub- ₹1 crore value bracket continued to dominate the market in December 2021, with a 53% gross sales contribution. ₹1-5 crore accounted for 42% of the overall gross sales.
Supply: Live Mint