Mumbai Property Registration Sets 10-Year Record in Oct
Property registration in the country’s biggest and most expensive market scaled a new high for the month of October.
Mumbai recorded a stunning 8,307 property registrations in the month of October continuing the recent trend it set earlier in the month during Navratri. These are the highest numbers for a 10-year period.
The figures, according to data by the Inspector General of Registration, Maharashtra, are the result of a combination of factors, including low interest rates, festive sentiment and attractive offers by developers. The record actually continues a recent trend in which September 2021 also recorded a 10-year high in property registrations.
The record numbers also mean good news for the state government. October registrations have contributed Rs 531 crore to the government’s kitty by way of stamp duty. The amount is more than double from last year.
It is noteworthy that the growth witnessed in October was not supported by tax breaks or stamp duty exemption by the Maharashtra government, which ended in March.
Developers have timed new launches to benefit from the positive sentiment and October property registrations show the success of this move.
For further reading, we suggest stories from our Statsplained! series which shed light on the statistical aspect of housing sales in India’s top 7 cities and the bright future of India’s real estate market.
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