Real estate consultancy firm Knight Frank India informed Monday that Mumbai city (MCGM region) property sale registrations have crossed the 100,000 mark for the first time in a decade. The earlier high during the last 10 years was 80,746 units in 2018. In November 2021, the market recorded registrations of 7,582 units or 18% YoY decline when compared to same month last year when the stamp duty rate was at its lowest level of 2%. Compared to the previous month, the registrations are lower by 12% MoM.
In October 2021, the city had recorded a decadal best October month property sale registrations. At 8,576 units, the registrations increased by 8% YoY compared to October 2020, when the stamp duty rate was at the lowest level of 2%. With the momentum in November 2021, sales registrations have crossed the 100,000 registrations benchmark for 2021.
The share of ₹1 Crore and below segment is at a 5-month high of 58%. In the latest 3 month period, it has increased from 51% in September 2021 to 53% in October 2021 and now 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.