Property Registrations In Mumbai Rise 15% In November

The registration of properties in Mumbai municipal region rose 15 per cent this month to 8,756 as compared to 7582 units registered in November 2021, according to Knight Frank India.

Property registration momentum is picking up in Mumbai with some moderation during the past six months, the consultant said, adding that the increase in home loan interest rates, property prices and stamp duty have impacted the homebuyers affordability.

According to Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI, MCHI, "This festive season witnessed moderate property registrations although interest rates and property prices have gone up. The low interest rates have boosted the real estate demand and the sharp acceleration of interest rates will have effect on buyers sentiments.” 

He urged the state government to reduce the stamp duty so that the demand will continue to rise.

"The recent consecutive rate hikes by the RBI have limited the growth momentum of the real estate sector. There is demand for homes in the MMR market. And if the government intervenes, the growth momentum will continue in the next few quarters as well,” said Ram Naik, Director, The Guardians Real Estate Advisory.