Heightened property buying activity in the Mumbai Municipal Region (MMR) after the Covid-19-induced slowdown has taken the home sales registration numbers to their highest levels in the last five years. Mumbai saw total registered value of residential properties at Rs 89,039 crore in the first half of the current calendar year (2022), with average quarterly value of Rs 44,520 crore, which is the highest in the past five years, according to a research report by property consultant PropEquity.
Maharashtra’s capital city saw 66,762 total registrations of houses in the first half of the current calendar year (2022), with average quarterly numbers at 33,381, which is about two times (about 97%) when compared to the same period of 2021, according to the PropEquity report titled ‘Real Estate Insights 2022’.
Mumbai’s second highest quarterly figures in the last five years were seen in 2021. The city witnessed average quarterly value of registered properties at Rs 36,112 crore in the first half of 2021 and the average quarterly registration numbers stood at 35,012 in the same period.
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“The trend of people buying a home for themselves after the pandemic has led to a rise in real estate activity almost all over the country, but it is in Mumbai that it is particularly accentuated. People seem to be undeterred with the rise in interest rates and higher EMI outgo as they realize the need and safety of a home, especially after the Covid-19 era. Interestingly, the property registration numbers in the second half of 2022 calendar year is the highest in five years which means people of Mumbai have left the turmoil of the pandemic behind them and have shown exemplary resilience. Even the property market of the city has shown tremendous robustness,” said Samir Jasuja, Founder and Managing Director at PropEquity.
“Mumbai has been witnessing steady and solid growth in residential sales over the last several quarters with mid-income and luxury housing doing extremely well. As we begin with the festive season, we expect this trend to continue for this year with only a small impact from inflationary trends and higher borrowing costs for home loans,” said Shiwang Suraj, Founder & Director at Inframantra, a real estate consultancy firm.
Five years ago, that is in 2018, the average quarterly value of registered properties in Mumbai stood at Rs 27,229 crore in the first half of 2018 and the average quarterly registration numbers stood at 25,017 in the same period.
Source: https://www.financialexpress.com/money/mumbai-property-registrations-double-for-the-first-time-since-2019/2684219/
