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Mumbai property registrations in February down 4% on year to 9,805 units: Knight Frank

This is a decline of 4% y-o-y compared to Rs 10,172 units that were registered when the lower stamp duty window was available.

File image of the Mumbai city skyline

File image of the Mumbai city skyline

Mumbai city saw total property sale registrations of 9,805 units in February 2022, a drop of 4 percent compared to the same period last year. As many as 10,172 units were registered in February 2021 when the lower stamp duty rate window of 3% was available, data shared by Knight Frank said on February 28.

Homes registrations in February increased 20 percent from 8,155 units in the previous month. The government's revenue from property registrations rose 56% Year-on-Year (YoY) at Rs 549 crore in February 2022 against February 2021.

The daily average for property registrations was recorded at 350, highest in the last 11-months period since the stamp duty sop ended.  Additionally, February 2022 registration volume was higher than all pre-Covid February months. Further, it also recorded the highest MoM growth in February since 2013, Knight Frank said.

With 55 percent share, Western suburbs continued to dominate housing sales in the city, followed by Central Suburbs at 33 percent. Share of South Mumbai dropped  from 8 percent in January 2022 to 6 percent in February 2022.