HomeSpotlightHouse registrations in Mumbai rise on MoM basis

House registrations in Mumbai rise on MoM basis

Monthly house registrations in Mumbai during December decreased 51% YoY to 9,681 units. The decline was mainly because the stamp duty rate was at its lowest level of 2% in the same period last year. However, registrations were up 28% on MoM basis.

Interestingly, registrations in December 2021 were also 50% higher than the pre-pandemic period of December 2019 setting a 10 year high record for the month of December (barring December 2020). The overall value of units registered in December 2021 stood at Rs 15,200 crore which was 38% up on MoM (but down 55% YoY).

Total registrations in Mumbai in calendar year 2021 stood at 111,914 units showing a growth of 71% YoY basis. It should be noted that this growth came in despite the lower stamp duty benefit was discontinued after March 2021. The value of properties registered in CY 2021 at Rs 1,42,600  crore was up 42% YoY basis. For Maharashtra at large, registrations in December at 138,066 were up 33% MoM but down 46% YoY basis.

The average ticket size in Mumbai in December 2021 increased 8% MoM to Rs 1.57 crore (again down 10% YoY) despite Rs 1 crore-and-below segment dominating the market with a share of 53%. Share of the Rs 1–5 crore segment was 42% in December 2021.

Women home buyers constituted 6.6% of new home sales in April 2021, paying a discounted stamp duty rate of 4% on their purchase. However, their share remained at a seven-month low of 2.8% in December 2021 for the second consecutive month.

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