Mumbai saw over 16,000 properties sale registration in March 2022: Data

The number of units registered in March 2022 was the third-best in a decade, while monthly state revenue collections were at a 10-year high, according to data compiled by Knight Frank India.

Maximum registrations were in the price band of Rs 1-5 crore, while in terms of apartment size, mid-sized homes ranging between 500 and 1,000 square feet were the most preferred category of properties registered in March 2022.

“Mumbai saw a huge surge in property registrations for the month of March, which is very much similar to the robust sales last year which was due to the stamp duty reduction by the Maharashtra government,” said Sandeep Runwal, president, NAREDCO Maharashtra.

He added, “Over 16,000 housing units were registered this month, which indicates that consumers have grabbed the last opportunity to purchase properties as the prices are set to rise due to factors like 1% Metro cess, ready reckoner rates, increased stamp duty and hike in raw material prices. We are requesting the intervention of the Housing Ministry to curb the increased difficulties faced by realtors and buyers or it will be a big setback for the government’s mission of ‘Housing for All’ as affordable housing will be a distant dream.”