According to residential and commercial property consulting firm Knight Frank India, it proved to be a mega festive season for Mumbai’s real estate market. In October this year, the city recorded a 10-year best property sale registration of 8,576 units. This is an 8% YoY increase over October 2020 when the stamp duty rate was at the lowest level of 2%.
The company said that despite the end of the stamp duty incentives, homebuyers decided to buy properties based on favorable factors such as several-year low home loan interest rates, attractive property prices and developer festive offers on new projects.
Moreover, Mumbai recorded 1,441 property registrations during the first week of November, while registration offices were closed amid Diwali and home buyers focused on festive celebrations. Knight Frank said activity in the real estate market is expected to resume this week.
“The daily registration rate increased from 219 in August to 260 in September. It registered 277 registrations in October when the auspicious Navratri festival was being celebrated. Now, between Diwali festivities and holidays, 206 daily sales registrations have been registered and at the ongoing registration rate, November is likely to mark a cumulative 1 lakh units for the year 2021,” the company said in its official statement.
About 96% of the total properties sold in Mumbai are within ₹5 crore price segment by numbers for October 2021. Furthermore, the break-up shows that property sales took place in 53% of the registrations. ₹1 crore and below category, while 43% of the total registration is between ₹1 crore ₹50 million.
“Compared to the stamp duty incentive window period, when buyers in the mid and high value segments were very active in closing deals, it has now stabilized across all price segments,” the company said.
“The experience of the pandemic took the culturally deep roots of the Indian household towards home ownership. The ongoing festivities have complemented the already positive outlook that was projected by home buyers in the past one year. The same is reflecting on property registration numbers, in which we are seeing the best levels in the months after September and October. The improving economic climate and rapid COVID vaccination coverage across the country have given home buyers confidence. So, even if the government stamp duty incentives are withdrawn, the combination of positive factors such as decades-low home loan interest rates, cheaper property prices, and developer offerings on newer products and payment flexibility may encourage fencing to shop as well. Have motivated for. Knight Frank India President and MD Shishir Baijal said, “Decision at the earliest.”
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