For the first time in a decade, property sale registrations in Mumbai crosses 1,00,000-mark

Abishek Law | | Updated on: Dec 20, 2021
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Consumer sentiment in the Mumbai housing market remains strong, says Shishir Baijal, CMD, Knight Frank India

Property sale registrations in the Mumbai city (Muncipal Corporation of Greater Mumbai region) region has crossed the 100,000 mark for the first time in a decade, as per a report by property consultant major Knight Frank India.

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 an 18 per cent y-o-y decline when compared to the same month last year, when stamp duty rate was at its lowest level of 2 per cent.

With the momentum in November 2021, sales registrations have crossed the 100,000 registrations benchmark for 2021.

Strong consumer sentiment

According to Shishir Baijal, Chairman & Managing Director, Knight Frank India, consumer sentiment in the Mumbai housing market remains strong.

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. The threat of new Covid-19 variants and response from the healthcare system will be crucial in determining the market activity level in near future,” he said.

Published on December 20, 2021

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