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Home sales in Mumbai surges ahead in August

The Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded property registrations of 6,784 units in August, registering a growth of 157 per cent compared to the same month of last year, says a report prepared by Knight Frank India.

The registrations were also 16 per cent higher compared pre-pandemic period of August 2019. August figures also reveal that 92 per cent of registered homes were fresh sales amounting to 6,241 units that were sold last month.

August registrations come on the heels of robust growth of 53 per cent seen in July and 42 per cent in June. However, April saw a growth of just 7% as the second wave of the pandemic was peaking during the month. The percentage contribution of women buyers to the total registrations remained steady at four per cent totalling to 271 registrations.

Knight Frank India said the headline registration numbers for April to July period are elevated as homebuyers who brought their apartments this year during the lower stamp duty window had a leeway of four months until July 31 to register their property.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said real estate sales in Mumbai have bounced back strongly after the pandemic.

“Going by the rise in fresh sales during the month which has consistently grown since April along with the significant rise of sales of homes priced upto Rs one crore, we can safely say that the real demand has put the woes of the second wave behind.”

With the upcoming festive season and expected economic revival along with improved vaccinations, Baijal expects this sales momentum to grow stronger.

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