Mumbai, the country’s biggest property market, has sustained its growth momentum as homebuyers continued to acquire properties on the back of record low interest rates and offers from realty developers. The market has scaled a new 10-year peak as it surpassed the mark of 100,000 registrations in a calendar year.
Interestingly, the pace of property registrations has continued even without the extension of lower stamp duty benefits.
The property market of the country's financial capital has recorded over 5,553 registrations of deals in just three weeks of December after witnessing over 7,582 registrations in the festive month of November, showed data from the Inspector General of Registration, Maharashtra.
The state exchequer fetched over ₹549 crore revenue from stamp duty in November and ₹421 crore in December on these property transactions. The registration activity in both September and October had also scaled a new monthly peak prior to this and the performance in so far indicates the continuance in sentiment buoyancy.
Property registrations during January-November period are 122% higher from a year ago, while the government has earned a revenue of ₹5,351 crore between January and November 2021, showed data from Knight Frank India.
“The consumer sentiment in the Mumbai housing market remains strong,” said Shishir Baijal, chairman & managing director, Knight Frank India.
“The growth rate has moderated when compared to the year-ago period when the 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.”
In November 2020, when the lower stamp duty benefit was being offered by the state government, the market had witnessed registrations of over 9,300 deals. However, the stamp duty collection stood at ₹288 crore.
During the pre-pandemic period of November and December 2019, Mumbai’s property registration numbers were 6,433 and 5,574 transactions, respectively.