Property registrations in Mumbai for January dropped 5 percent sequentially, as the high cost of house ownership weighed on customer pockets.
Data from the State government showed that 8,873 units were registered in the city during the month. Mumbai accounts for half the property market among the top eight cities in terms of value. The registrations were up 8.8 per cent year-on-year (y-o-y)
The State government garnered revenue of ₹676 crore from the properties, up 41 percent y-o-y.
While there is a brisk demand for homes and is certainly higher than what it was pre-pandemic, the rate at which homebuyers bought in the aftermath of the Covid-19 crisis has slowed down.
This can be attributed to the steep rise in mortgage rates last year as well as a rise in home prices.
The majority of the demand was for houses sized 500 to 100 square feet and those in the bracket up to ₹2.5 crore.
The western suburbs of the city accounted for most of the sales, followed by the central suburbs.