Buyers rushing before another interest rate hike, says Pritam Chivukula of CREDAI MCHI.
MUMBAI, June 30 (The CONNECT) - Mumbai property market has witnessed registration of over 9,675 units in June 2022 while monthly state revenue collections reached Rs. 714 crore through stamp duty.
Both the number of units registered and stamp duty collected were the highest ever for the month of June setting a new benchmark. The number of units registered in June 2022 was also the best in a decade for the month of June.
As many as 52 percent registrations were in the price band of Rs 1 crore and over, while in terms of apartment size homes ranging between 500-1000 sq ft was the most preferred category of property registered in June 2022, said an analysis by Knight Frank India.
As many as 70 percent of registered properties in June were those bought in the same month. As many as 27 percent of properties registered in June 2022 were filed in March 2022 and around 3 percent of these deals were filed in April and May 2022.
Ram Naik, Director, The Guardians Real Estate Advisory, said "There is a genuine demand for homes in Mumbai as we can see that the increase in property prices has not affected the real estate 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."
Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
said 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.
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 and reputed developers with a good track record will continue to dominate the market.