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New Delhi: Registration of properties in Mumbai The municipal sector is set to fall this month as it has recorded 9,867 units so far as against 11,743 units in April last year. knight frank india, Till 12 noon on Friday (April 28), 9,867 properties have been registered.
The process of registration will go on till late evening, after that there will be a holiday for the next two days. The numbers are expected to rise and may cross 10,000 units this month.
In April 2022, 11,743 properties were registered Mumbai City, being an area under the jurisdiction of the Municipal Corporation of Bombay (BMC,
“The decline was largely due to two reasons, firstly the base effect in April 2022 saw the spread of registrations from the previous months, with 17 per cent of the properties registered in April 2022 being filled in March 2022. Second, the seasonal effect as the last 10 In 8 of the years, the month of April saw a decline in registrations as compared to March of that year,” Knight Frank said in a statement.
Of the total properties registered, 83 per cent were residential while 17 per cent were non-residential properties.
Knight Frank said that till Friday afternoon, the revenue collection for the state exchequer stood at Rs 840 crore, the highest for April in the last 10 years.
Shishir Baijal, CMD, knight frank india“Despite the increase in Mumbai’s stamp duty, steady rise in interest rates and steady rise in prices in the market, the appetite for home buying remains strong,” said.
“In the last 10 years since April 2013, Mumbai has recorded an estimated sale of 8,00,000 properties. Out of this, 40 per cent, which is an estimated 3,18,000 units, have been registered since September 2020 at the time of the stamp duty stimulus was introduced,” he said.
Baijal said the state exchequer has benefited from the vibrancy of the market, which is now witnessing its best ever April month in revenue collection.
“While the YoY (year-on-year) pace of registrations in April 2023 is lower due to base effect, and the financial year is playing its part in the lower MoM (month-on-month) numbers in March, the month saw a big Let us rejoice as there has been a moratorium on the policy interest rate hike. This provides a breather to homebuyers, vital to fulfill their desire to buy a home, while keeping their affordability intact,” he said.
In March 2023, 13,151 properties were registered in Mumbai city, the data showed.
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