Mumbai recorded 12,622 property registrations, a 5 per cent increase from a year earlier and the highest level for the month of September in more than 14 years, according to a report released on Wednesday.
According to a report by real estate consultant Knight Frank India, stamp duty collections during the month declined 5 per cent year-on-year to Rs 1,227 crore indicating a shift in the mix of property transactions despite sustained demand in the housing market.
The registration figures showed that September registrations were marginally higher than August’s 12,580 units, it added.
Festive demand provided a significant boost to market activity during the month.
During the Ganesh Chaturthi festival period from September 14 to 25, Mumbai recorded 5,379 property registrations, a jump of 22 per cent from a year ago and the highest festive-period tally in four years, according to the report.
In addition, stamp duty collections during the festival period rose 32 per cent year-on-year to Rs 640 crore, accounting for more than half of the total revenue collected during the month.
Commenting on the performance, Shishir Baijal, Chairman and Managing Director of Knight Frank India said Mumbai’s residential market had maintained its demand momentum, helping September record the highest property registrations for the month in over 14 years.
He said the strong performance during Ganesh Chaturthi contributed significantly to the overall registration activity.
According to Baijal, while demand remains healthy, buyers continue to be selective in their purchasing decisions.
He said projects located in well connected areas and supported by quality infrastructure are likely to remain attractive as the market evolves.
The latest data continues a strong run for Mumbai’s property market.
Registrations in September this year surpassed the 12,070 units recorded in September last year and were significantly higher than levels seen over the past decade.
