Mumbai records second-best January property sales in a decade

Of the total properties registered, 84% were residential while 16% were non-residential properties.

"Positive consumer sentiments continue to drive Mumbai's real estate property market in 2023. The Maharashtra government has emerged as the biggest beneficiary with revenue collection rising on account of the higher value of property, implementation of metro cess and continued strong consumer demand," the consultant said on Tuesday. "January 2023 recorded a revenue collection of Rs 658 crore amounting to the daily average revenue collection in January crossing Rs 20 crore for the first time. It records a 38% YoY (year-on-year) rise in revenue collection in 2023, making it the best-performing January month in the last 10 years," it said.

A Knight Frank report released on Tuesday said property sales benefited from "strong positive consumer sentiment" despite rising mortgage rates that have stretched house purchase affordability. "Daily average property registration stands at 280 registrations in January 2023, making it the second-best January month in the last 10 years following January 2021. January 2021 had the benefit of stamp duty cut resulting in the highest average daily sale of 336 units for January month," it said.

January 2023 recorded a month-on-month (MoM) drop of 7%. "Historically, the month of January has recorded lower property registrations as compared to December of the previous year. In the last 10 years, all the January months have recorded MoM degrowth ranging from 4% to 45%, it said

Shishir Baijal, chairman & MD of Knight Frank India, said, "Despite strong headwinds, consumer inclination toward home purchase has driven residential property sales in Mumbai. Demand has persisted despite rising house loan rates, the absence of state government concessions, and increases in property prices over the past year. The Maharashtra government continues to be a major beneficiary of demand. While the repo rate will likely increase soon, we anticipate the positive demand sentiment to remain unchanged as Indian economic growth prospects remain strong."

The biggest demand is for flats between 500 to 1,000 sq ft in size. These apartments continue to dominate property registrations. "They remain the preferred choice for homebuyers in January 2023 recording a share of 48%. Apartments of under 500 sq ft area recorded a dip in share from 37% in December 2022 to 35% in January 2023. Over 1,000 sq ft area records an uptick in share take up from 15% in December 2022 to 17% in January 2023," said the report.

Source: timesofindia.indiatimes.com

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