Resilience & Dynamism Of City Scenario
Amid high interest regime, CREDAI MCHI calls for lowering stamp duty to boost buyer sentiment.
MUMBAI, Mar 2 (The CONNECT) – Registration of properties in Mumbai municipal region stood at 9,268 units in February 2023, up 2 per cent, contributing over Rs. 1,084 crore to the State revenues, according to a Knight Frank India report.
This represents a slight increase as compared to the previous month’s figure of 9,001.
However, when compared to year-on-year data, there was a significant drop of 11 percent during this February.
In February 2021, there were 10,172 registrations. Despite the decline in YoY figures, the daily average property registrations in February 2023 was 331 units, which still makes it the third best February month in the last ten years after February 2022, according to the report.
Ram Naik, Director, The Guardians Real Estate Advisory said considering the daily average registration rate still proved to be the third-highest in the past decade, it indicates that the market is still buoyant and in demand. Such positive developments are a testament to the resilience and dynamism of Mumbai’s real estate sector.
Manoj Patwal, Founder & MD, BetterServ Ventures Pvt. Ltd, said although there has been a marginal decline in the property registrations in February as compared to last year, Mumbai is continuously witnessing a robust demand and an impressive ascent in property registrations for the past few months.
Given the current scenario of steep rise in property prices owing to several factors such as the increase in interest rates, stamp duty and raw materials prices; we have already started witnessing short-term repercussions on the overall housing demand. “Going forward, if the Government takes the appropriate measures, we believe that the sales momentum can continue for the coming quarters, and reputed developers with a good track record will continue to dominate the market,” Patwal said.
Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI, said Mumbai has witnessed moderate growth in property registrations in the month of February despite the hike in interest rates and rise in the property prices. This signifies that the low interest rates have been the biggest factor in the resurgence for real estate demand since the pandemic. Therefore, the sharp acceleration of interest rates in a short span of time have resulted in a short-term effect on the sentiment of homebuyers especially in the affordable sector. We request the State Government to step-in and lighten the homebuyer’s load by reducing the stamp duty so that the demand sustains going forward,” the CEDAI-MCHI office-bearer said.
