Mumbai property registrations fall YoY and QoQ in April

Property registrations in Mumbai in April fell both on year and sequentially due to the higher base effect of a year ago and a seasonal fall in sales during the month that has been a feature in the past 10 years.

The city registered 9,867 properties during the month, which was down by a quarter from a year ago, and down 16 per cent compared to the March numbers.

Also read: Over 9,500 new properties registered in Mumbai in May 2022

A spill-over of registrations from previous months inflated the numbers in April, which has seen a dip in registrations against that in March in the last eight out of ten years, Knight Frank India said.

Revenue from stamp duty paid in the month was at Rs 840 crore, up 14 per cent on year, though it was down 31 per cent on quarter, as registrations dipped. Stamp duty was higher in April this year, compared to a year ago.

Bigger apartments stole the show during the month, with the share of houses larger than 2,000 square feet rising to 10 per cent from 2 per cent last April, and 3 per cent in March of this year.

Small houses – houses with a size of up to 500 square feet – saw a dip, with its share falling to 32 per cent from 36 per cent year ago, and 34 per cent in March.

Those buying homes in the 500 to 2,000 square feet range also saw a dip of four percentage points.

In terms of value, about half of all purchases had a value of up to Rs 1 crore.