NEW DELHI: Home-ownership registration in the Mumbai municipal area fell 18 percent in November to 7,582 units, but the numbers doubled during the January-November period to 102,232 units, the highest number in the past decade, according to Knight Frank. The registration of homes reached 7,582 units in November of last year. During January-November 2020, 46,052 homes were registered.
Registration data corresponds to transactions executed in both the primary and secondary residential markets (resale).
“Mumbai (MCGM District) property sales records crossed the 100,000 mark for the first time in a decade. The previous highest level in the last 10 years was 80,746 units in 2018,” Knight Frank India said in a statement.
The chancellor attributed the drop in the number of registrations in November 2021 to a drop in the stamp tax rate of 2% in the same month last year.
Shishir Bijal, Chairman and CEO of Knight Frank India said: “Consumer confidence in the Mumbai real estate market remains strong. The growth rate has slowed compared to the previous year period when the market was bullish due to the lowest applicable stamp duty rate window. “
He added that the demand factors represented by the decline in housing prices, the low-interest rate on housing loans, and the launch of new projects continue to attract home buyers.
“The threat of new variables to COVID-19 and the health system response will be critical to determining the level of market activity in the near future,” Bigal said.
In the prime Mumbai real estate market, Macrotech Developers (Lodha Group), Godrej Properties, Oberoi Realty, Hiranandani Group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group, and K Raheja are the major players.