Since the pandemic induced lockdown, there has been a surge in sale and purchase of property. Mumbai Municipal Region (MMR) witnessed its highest property buying activity in the past five years, according to a research report by property consultant PropEquity.
As per the report, total registered value of residential properties in Mumbai clocked in at Rs 89,039 crore in the first half of the current calendar year (2022), with an average quarterly value of Rs 44,520 crore.
There were 66,762 total registrations of houses in the first half of the current calendar year, with average quarterly numbers at 33,381. This is about two times (about 97 per cent) when compared to the same period back in 2021, the report said.
The report also said that the city witnessed average quarterly value of registered properties at Rs 36,112 crore in the first half of 2021 while the average quarterly registration numbers stood at 35,012 in the same period.
“The trend of people buying a home for themselves after the pandemic has led to a rise in real estate activity almost all over the country but it is in Mumbai that it is particularly accentuated,” said Samir Jasuja, Managing Director at PropEquity.
He also said that people seem to be undeterred with the rise in interest rates and higher EMI outgo as they realise the need and safety of a home, especially after the Covid19 pandemic.
The property registration numbers in the second half of 2022 calendar year is the highest in five years, which means people of Mumbai have left the turmoil of the pandemic behind them and have shown exemplary resilience. Even the property market of the city has shown tremendous robustness, he said.
Five years ago in 2018, the average quarterly value of registered properties in Mumbai stood at Rs 27,229 crore in the first half of 2018 and the average quarterly registration numbers stood at 25,017 in the same period, the report added.
“Mumbai has been witnessing steady and solid growth in residential sales over the last several quarters with mid-income and luxury housing doing extremely well,” said Mr. Shiwang Suraj, Founder & Director at Inframantra, a real estate consultancy firm.
“As the festive season begins, we expect this trend to continue for this year with only a small impact from inflationary trends and higher borrowing costs for home loans,” he said.