Mumbai Property Registrations on a Record High

The Mumbai property market has regained its sales momentum with property registrations achieving the highest average daily sales in the last 11 months and the highest month on month growth in the month of February over the last 9 years.
The Mumbai city (MCGM area) saw total property sale registrations of 9,805 units in February 2022, with daily average registrations recorded at 350. The government revenue from property registrations increased 56% Year-on-Year (YoY) to Rs 549 Crores against February 2021 figure. Moreover, February 2022 registration volume is higher than all pre-COVID February months.

With 55% share the western suburbs of Mumbai continue to dominate housing sales, with 55% share. Western suburbs, followed by central suburbs dominate the Mumbai market. With a 55% contribution, western suburbs remained the most prominent market in the month of February 2022; followed by 33% of central suburbs. The share of South Mumbai dropped  from 8% in January 2022 to 6% in February 2022.

The Knight Frank India Research shows that 83% sales are concentrated in the up to 1,000 sq ft housing segment. With the improvement in affordability, homes of 500 -1,000 sq ft continue to be the preferred choice of homebuyers, accounting for 47% of the total registrations in February 2022, followed by compact homes of up to 500 sq ft, which account for a share of 36%. Homes measuring 1,000- 2,000 sq ft have a 15% share of total registrations.

Ticket Size wise Split of Property Sale Registrations

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
The property buying trends show a clear focus on properties between Rs 1 crore and 5 crores, with a whopping share of 96%. Properties with a ticket size of Rs1 crore and below holds a share of 48% in February 2022, down from 51% in January 2022. The share of properties with ticket size of Rs 1 crore to Rs 5 crore has risen from 45% in January 2022 to 48% in February 2022. The share of properties costing more than Rs 5 crore stood at 4 percent.