Mumbai property registrations decline in July with 9,923 units registered: Report
2 min read 31 Jul 2023, 03:58 PM ISTAs per release by ANAROCK India, the financial capital revenue collections from property registrations in July stood at ₹800 crore
PremiumMumbai city saw a 6 percent fall in property sale registrations with 9,923 units registered in July 2023 as compared with the month of June while a 12 percent annually.
As per release by ANAROCK India, the financial capital revenue collections from property registrations in July stood at ₹800 crore. The revenue collection this month saw a 6 percent decrease from June 2023 while a 3 percent decline from last year in July 2022.
Stating its reasons, the report said that with the onset of monsoon season, site visits and closures slow down and the overall registrations also take a hit.
Further adding, it said, “The next few months are likely to witness a momentary slowdown; however, the long-term direction remains upward, with the Mumbai real estate sector remaining on a strong footing."
Speaking about the new unit launches in April- June 2023, Anuj Puri, Chairman of ANAROCK Group, said, “A quick assessment of new unit launches in Mumbai for the period of Apr-Jun 2023 indicates that properties ranging from 500 sq ft to 1,000 sq ft dominated with the highest share of 51%. Following closely were properties sized less than 500 sq ft, contributing an additional 35%. Properties of 1,000 sq ft and above accounted only for 14% during the above period."
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He further added that “For the period of Apr-Jun 2023, it was evident that the ₹80 Lakh- ₹1.5 Cr segment experienced the highest activity, constituting 43% of the total. Following closely was the ₹1.5 Cr- ₹2.5 Cr segment, making up 27% of the total. Surprisingly, properties priced above ₹2.5 Cr accounted for 21% of the total, indicating a noteworthy share and rising from 17% in the previous quarter."
With further regional analysis, the report said that the new launches in Apr-Jun 2023 was recorded highest in the Western Suburbs at 55 percent followed by Central Suburbs with 38 percent launches. This comes operationalization of the second phase of two metro lines which has improved connectivity and commuting, it said in the release.
The report further added that since the onset of the Covid pandemic, people have been attracted to larger units property which provide ample space and liveable conditions as they are spending more time at home due to the hybrid work policies.
It also said that the city saw the luxury real estate segment thriving with High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs) have been capitalizing on the market conditions and securing deals at favourable rates.
