Mumbai: Property registrations lower by 26 % in January 2022 due to COVID-19 third wave, says Knight Frank India report

Mumbai: Mumbai city (MCGM region) has seen total property sale registrations of 7,732 units in January 2022, as per the findings of Knight Frank India report. This is owing to the challenges faced in the initial part of the month on account of the third wave of COVID, that reduced movement. The per day average for property registrations was recorded at 249.

The government revenue from property registrations was recorded at INR 453 Crores in January 2022. While the registrations were lower by 26% on a year-on-year comparison over January 2021, revenues have increased by 48% in the same comparison.

Last year same period had the lower stamp duty rate window (3%) and was not as severely inflicted by COVID. Additionally, January 2022 registration volume is higher than all pre-COVID January months.

More than 50s0 f category continues to dominate in MCGM region with 60% sales despite the government sop to abolish property taxes. 45% of all sales in January 2022 were in categories above 500 – 1000 sf.

With 52% share Western suburbs dominated housing sales in the city

Western and Central Suburbs continue to dominate the Mumbai market. Western Suburbs remained the most prominent market contributing to more than half the registration in the month of January 2022 with a 52% contribution followed by Central Suburbs

Share of Central Suburbs increased in MoM basis from 31% in December 2021 to 34% in January 2022

85% sales concentrated in the up to 1,000 sq ft housing segment

With the improvement in affordability, spacious homes of 500 -1,000 sf continued to be the preference accounting to 45% of the total registrations in January 2022. Followed by compact homes of upto 500 sf which has bagged a share of 40%. Homes of 1,000- 2,000 sf accounted for 13% of total registrations. With COVID scare still present in the market and prolonged work and study from home experience continuing, home ownership remains priority with focus on affordable right-sized homes for upgrade.

Focus remains on INR 1 Cr and below segment with a share of 51%

Properties with a ticket size of INR 1Cr and below continue to be a preferred choice for customers with a contribution of 51% of the total registrations in January 2022. INR 1 Cr to 5 Cr accounted for 45% of the total registrations in January 2022, which is a gradual improvement over last three months.

Government revenue in January 2022 exceeds that of January 2021

Government revenue collection in January 2022 was recorded at INR 453 crore until January 31 and has crossed that recorded in January 2021 revenue of 305 crore recording an increase of 48% YoY. It has come on the backdrop of lower property sale registrations at a higher stamp duty rate of 5% now compared to 3% last year.

Also Read: Average revenue per property registration in Maharashtra rose by 78% in January 2022: ANAROCK Report