September 2022 Witnesses Around 8600 Property Sale Registrations in Mumbai Real Estate Market

In September 2022, the western and central suburbs of Mumbai represented for 90 percent of the property demand, according to a survey conducted by Knight Frank.

According to Mumbai property specialists, the number of property sale registrations in BMC-registered Mumbai in September 2022 exceeded 8,600 units. These property registrations generated around 7341 Cr rupees to the economy of Maharashtra.

Intriguingly, over 60 percent of all registrations were for properties priced at or above Rs 1 crore, but the most popular apartment size this month was between 500 and 1,000 square feet.

Over 8,600 property sale registrations were registered in September 2022, making it the best-performing September month over the last decade, with an 11 percent year-over-year increase. Residential properties (upto Rs one crore) remained to be the demand driver in September 2022 with a 43 percent share contribution, followed by residential properties in the price range of Rs one crore - Rs 2.5 crore with a 42 percent share contribution.

In September 2022, purchasers between the ages of 31 and 45 made up 46% of the total number of registrations for residential property.

Revenue from stamp duty has increased by 39% year-over-year and 14% month-over-month due to the sustained rate of house registrations. We feel that despite the recent 50 bps increase in the repo rate, bringing the overall rate revision to 190 bps, which has further eroded affordability in the market, we remain inside the affordable barrier and can anticipate continued positive property sales in Mumbai.