Interest Rate Hike in Mind, Mumbai On Home Run

Ram Naik, Pritam Chivukula,Jitesh Lalwani, Sanjeev Chandiramani

Interest Rate Hike in Mind, Mumbai On Home Run

July Sales Record Decade’s High

The registration of properties in Mumbai witnessed a rise of 15% to 11,339 units in July according to Knight Frank India data

MUMBAI, Aug 1 (The CONNECT) - The registration of properties in Mumbai witnessed a rise of 15% to 11,339 units in July according to Knight Frank India data.

The number of units registered in July 2022 was the best in a decade for the month of July. The registration contributed over Rs 839 crore to the state revenues. On a month-on-month basis, the registration of properties rose 14% from June this year when 9,919 units were registered.

Out of the total registration of properties in Mumbai, 86 per cent were contributed by residential segment and 10 per cent commercial.

A high of 78% of the total registrations were for properties transacted in the same month. As much as 15% of properties registered in July were filed in March 2022 and around 7 per cent of these deals were filed in June 2022.

Ram Naik, Director, The Guardians Real Estate Advisory, said there is a genuine demand for homes in Mumbai the property price rise has not affected the market. Also, the successive hikes in the repo rate by the RBI has prompted home-buyers to advance their purchase decision before any further changes occur. This has led to robust demand and a positive home-buying sentiment, in the current term, which should continue to propel the growth of the sector, Naik said.

“We are already witnessing an upward revision in the prices due to the rise in interest rates and higher stamp duty prices,” said Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI

The strong sales is apparent as the homebuyers have rushed in to buy properties with a fear of further increase in interest rates and eventually the property prices, he said.

Jitesh Lalwani, president, Homesync Real Estate Advisory, said with the strong consumer sentiments towards home ownership, sales momentum is expected to continue for the coming quarters.

Reputed developers with a good track record will continue to dominate the market, he said.

“Mumbaikar’s appetite for quality housing has been growing. As the businesses spring back to normalcy, we expect the interest in reputed developers and quality construction will continue to grow,” said Sanjeev Chandiramani, COO of Ruparel Realty.

“We are happy to see the improvement in the sentiment as the real state industry’s growth will have a chain effect on hundreds of other industries,” Chandiramani said.

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