Property registrations rise by 9 per cent in Mumbai during 2022, highest in 10 years

Registration of properties in Mumbai city rose 9 per cent yearonyear during 2022 calendar year to nearly 122 lakh units highest in the last one decade on better demand according to Knight Frank IndiaAs per the data compiled by real estate consultant Knight Frank India the registration of properties in Mumbai city BMC area stood at 121850 units during this calendar year till 220 pm on Friday During the last year as many as 111913 units were registeredOut of the total registration of properties in 2022 86 per cent were residentialThe data pertains to transactions in both primary fresh sales and secondary resale markets of all types of properties residential commercial and othersRegistration of properties stood at 64242 units in 2013 63636 units in 2014 67400 units in 2015 63255 units in 2016 68659 units in 2017 80746 units in 2018 67863 units in 2019 and 65633 units in 2020The consultant said Mumbai city the BMC area saw property sale registration of 9182 units in December 2022 contributing over Rs 821 crore to the state revenuesIn 2022 the state exchequer collected Rs 8887 crore in revenue from stamp duty and registration feesPostCovid the need for house ownership has driven property sales in Mumbai city This is evident from 2022 that emerged as a second consecutive year recording property registrations over 1 lakh units after 2021 Thus making 2022 the year with highest annual property sale registrations in the last decade Knight Frank saidAlso Read Mumbai Resident doctors at BMC hospitals to join MARD strike on Jan 2In 2022 the registration of properties rose without any government incentives on the back of strong demand steady income and positive economic growthKnight Frank India Chairman and Managing Director Shishir Baijal said Mumbais residential market is in a growth mode due to two factors Firstly the changed attitude towards home purchases since the pandemic which has continued and secondly economic growth leading to incremental income and financial stabilityThus despite higher home loan rates no sops from the state government or rise in capital values over the last year demand has remained strong Mumbai is also a lot more affordable today despite the deterioration in affordability index by 100 basis points than it was a decade ago which has adequately negated the possible impact of the rise in prices and home loans Baijal saidIn primary market of Mumbai Metropolitan Region major real estate developers include Macrotech Developers Lodha group Godrej Properties Oberoi Realty Hiranandani group Kalpataru Ltd Tata Housing Shapoorji Pallonji Real Estate Mahindra Lifespace Developers Piramal Realty Indiabulls Real Estate D B Realty Sunteck Realty Rustomjee group K Raheja group and Runwal GroupPuravankara Ltd and Prestige Estates both based out of Bengaluru have entered the Mumbai marketThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever