Record property sales, revenues in March | Mumbai news - Hindustan Times
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Record property sales, revenues in March

BySatish N
Mar 31, 2023 10:58 PM IST

Mumbai's property market continues to thrive, with March 2023 recording the highest sale registrations of 12,421 units and highest revenue collection of ₹1,143 crore in the 2022-23 financial year. Nearly 84% of sales were residential, reflecting the strength of the Mumbai property market despite recent interest rate hikes. The central and western suburbs had the highest percentage of property registrations in the sub ₹5 crore properties, while central Mumbai and South Mumbai dominated sales of above ₹5 crore homes. Ultra-luxury apartments witnessed a surge in purchases by high-net-worth individuals.

MUMBAI

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Property sales in Mumbai continued to be robust with March 2023 recording the highest sale registrations of 12,421 units and highest revenue collection of 1,143 crore in financial year 2022-23, according to an assessment by leading international property consultants, Kight Frank India based on data available till 10.30 am on Friday.

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Nearly 84% of the sales were residential, while 16% were non-residential properties. Compared to February 2023, which recorded sale registrations of 9,684 units and collected 1,112 crore in stamp duty and registration, the March registrations are 28% higher and revenue collections are higher by 3 per cent, the research report said.

The registration figures crossed more than 10,000 sale registrations in a month twice in the current financial year. In April 2022, the Inspector General of Registrations recorded 11,743 sale registrations and revenues of 738 crore, while in July, the property sales recorded were 11,340 registrations and 829 crore in revenues.

“Despite the fifth repo rate hike of 25 basis points in February 2023, which takes the cumulative increase to 250 basis points since May 2022, home buyers have continued to commit to purchase of residential property and the same is reflected in the numbers,” the report said.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said notwithstanding the recent interest rate increases, the strength of Mumbai property market was on display in March. “This reflects the buoyancy of the Mumbai property market, which remains strong in the face of headwinds,” he said.

The report findings also indicate that in March 2023, the sales of sub 2.5 crore homes declined from 87% in February to 82% this month, while the sales of above 2.5 crore homes witnessed an increase from 14% to 17%.

Another finding of the report showed that central and western suburbs had the highest percentage of property registrations in the sub 5 crore properties, while central Mumbai and South Mumbai dominated in sales of above 5 crore homes. While 22% of homes priced between 5-10 crore were located in central Mumbai, 13% were in South Mumbai, and 9% of homes in the 10-20 crore range were in central Mumbai, while 10% of those were in South Mumbai. Similarly, 3% of homes priced more than 20 crore were in central Mumbai, while 2% of these were in South Mumbai.

In February and March 2023, the ultra-luxury apartments category witnessed a phenomenal rise as high Networth individuals (HNIs) reinvested their capital gains benefit following changes announced in union budget that will cap capital gains benefit at 10 crore from April 1. As a result, two luxury towers alone recorded purchases worth 2211 crore, including a bulk deal by D Mart founder Radhakishan Damani, penthouse purchases by Welspun Group’s BK Goenka in Oberoi Three Sixty West in Worli, and by Bajaj Auto chairman Rajiv Bajaj, JP Taparia of Fame Care Ltd in Lodha Malabar project in Malabar Hill.

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