Mumbai Real Estate Market Records A Staggering 9000 Plus Property Registrations in December 2022

Mumbai Real Estate Market Records A Staggering 9000 Plus property Registrations in December 2022

The Department of Registration and Stamps of the Maharashtra government recorded 9,182 property registrations in Mumbai and its suburbs in December 2022, a 2% increase from November 2022. (IGR).

Property registrations have topped the 9,000 mark for the first time since August 2022. According to IGR figures, 121,850 property registrations were reported in 2022, which is larger than the 111,913 recorded in 2021.According to the real estate advice firm Knight Frank India, with over 9,182 property registrations in December 2022, the government received over Rs 8,800 crore in 2022, the highest sum in the preceding decade.

After COVID-19, the urge to own a house in Mumbai has boosted real estate sales. In 2022, property registrations will reach one million units for the second consecutive year, after 2021, according to a statement from Knight Frank India.

In addition, about a hundred thousand registrations will make 2022 the year with the greatest annual property sale registrations in the preceding decade. Despite the lack of government incentives and the existence of headwinds, property registrations grew 9 percent year-over-year (YoY) in 2022, backed by strong demand, consistent income, and favourable economic growth.

The residential real estate market in Mumbai is rising due to two factors. First, the ongoing change in attitude toward property purchases after the pandemic, and second, economic growth leading to increasing income and financial stability. Consequently, demand has remained solid despite increasing mortgage interest rates, the lack of state government incentives, and the rise in capital prices over the last year.

In addition, Mumbai is far more affordable today than it was a decade ago (despite a 100-point decrease in the affordability index), substantially offsetting the impact of increased prices and mortgage rates. As India is expected to continue in a boom period, we believe that this demand will remain mostly steady over the next year, even if prices and home loans rise somewhat as a consequence of natural occurrences.

500 to 1,000 square feet constitute the majority of property registrations.

In 2022, apartment flats between 500 and 1,000 square feet will continue to be the most popular choice among purchasers. They were responsible for 47% of overall sales. 34 percent of units were fewer than 500 square feet in 2021, but this grew to 37 percent in 2022. According to Knight Frank India, apartments greater than 1,000 square feet will account for 16 percent of the market in 2022.

In addition, 87 percent of the market share was accounted for by western and central suburbs. Central and western suburbs have the highest share of properties registered for less than Rs 5 crore. The bulk of transactions over Rs 5 crore took place in Central and South Mumbai. However, all ticket sizes remained to be available in the western suburb.

Increase in the share of homebuyers aged 31 to 45

According to Knight Frank India, the majority of homebuyers in December 2022 were between the ages of 31 and 45, comprising 46 percent of all residential property registrations.

According to the research, 31 percent of homebuyers are between the ages of 46 and 60, and 11 percent are under 30 years old.