Mumbai city (BMC area) witnessed property sale registrations of 8,351 units in August, contributing over ₹633 crore to the State’s revenue according to assessment by Knight Frank India .
As much as 60% of all registrations during the month were in the price band of over ₹1 crore while in terms of apartment size homes between the size of 500-1,000 sq. ft. were the most preferred. The State revenues from property registrations grew 50% year-on-year (YoY), the real estate consulting firm said.
Shishir Baijal, chairman & managing director, Knight Frank India said “August has historically been a slower month, recording a month-on-month decline in eight out of the last ten years. The rise in repo rate of 140 bps, leading to a rise in home loan rates, and the increase in stamp duty has had its impact on buyer sentiments.”
“Despite that, Mumbai’s home sales momentum has remained comparatively buoyant and recorded a 23% growth over same period last year. It may hence be too early to assess if the impacts of these rate changes on housing sales are long term. Further, homebuyer sentiments are expected to sustain in the upcoming festive season,” he added.
