Property registration in Mumbai falls by 3 percent

Registration of properties in Mumbai municipal region stood at 8,276 units in October, down 3 per cent from the year-ago period, as sales momentum moderated despite festive demand, according to Knight Frank India.In October 2021, as many as 8,576 units were registered in Mumbai city (BMC area).

Real estate consultant Knight Frank India said that Mumbai city (BMC area) saw property sale registrations of 8,276 units in October 2022, contributing over Rs 705 crore to the state revenues."October 2022, which was the festive month, has recorded the second-best Diwali period sales in the last 10 years other than Diwali of 2020 when stamp duty cut incentive was being offered. 

The government revenue collection grew 53 per cent YoY, best in the last 10 years, crossing Rs 7,300 crore in this period.Knight Frank India CMD Shishir Baijal said: "Other than Diwali 2020 which had the stamp duty cut boost, Diwali 2022 was the second-best festive season for residential sales in Mumbai city.