Mumbai saw the most property registrations this month for any February in 12 years (Representational)
Over 11,700 properties were registered in Mumbai this month and the state government collected a record Rs 865 crore in stamp duties alone, a report by Knight Frank India said. Of them, 80% are residential units, while the remaining 20% are non-residential assets.
"The homebuyers' confidence in Mumbai's market continues to remain strong and the outlook remains positive. This positive outlook has led to a substantial upswing in property registrations in Mumbai," the report said.
According to the report, property registrations increased by 21% Year-on-Year (YoY) even as revenue from registrations dipped by 22% on a YoY basis.
"The Mumbai residential market maintained its exceptional performance in February... This positive trajectory is expected to sustain, particularly with the anticipated robust economic momentum and the potential easing of interest rates during the year, creating a favourable environment for homebuyers," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
Best February In 12 Years:
This February, Mumbai saw the highest number of property registrations for any February month in 12 years, the report said. The recent upsurge can be credited to rising income levels and a favourable sentiment towards homeownership.
500-1,000 sq ft Properties Dominate:
There was an increase in the share of apartments measuring 500 sq ft and below this month, rising to 45%, as opposed to the 34% recorded in the previous year, the report said. On the other hand, the share of apartments ranging from 500 sq ft to 1,000 sq ft saw a decline - decreasing to 42% from the 45% reported during the same period last year, it said, adding, "Nevertheless, this appears to be an isolated occurrence, as the Mumbai homebuyer has been predominantly inclined towards larger apartments in recent months."
Central, Western Suburbs Most Preferred:
Of the 11,742 properties registered, over 73% are in the Central and Western suburbs that have good connectivity. 86% of the western suburb consumers and 92% of the central suburb consumers opted to purchase within their micro market, the report said, adding that this was influenced by the familiarity of the location and the availability of products that align with their pricing and feature preferences.