Best July in 10 years for home sales

A detailed analysis of the sales figure from the department of Inspector General of Registration (IGR) shows that July 2022 has performed exceptionally well, and of all the months, this financial year has also earned the highest revenue for the state government too

Mumbai: The month of July 2022, turned out to be a boon for the city’s real estate market as it saw a whopping sale of 11,340 units, generating revenue of ₹828.63 crore for the state. This number is the highest ever property sale in any of the July months since 2012.

Currently, in Mumbai, the stamp duty payable while registering the sales is 6%, whereas there’s a 1% discount when a woman is involved in the deal (Pratik Chorge/HT Photo)

A detailed analysis of the sales figure from the department of Inspector General of Registration (IGR) shows that July 2022 has performed exceptionally well, and of all the months, this financial year has also earned the highest revenue for the state government too.

The revenue is via the stamp duty paid by those who register their sale deeds with the department of stamp duty and registration.

As per the registration figures, from April 2022 till now, this is the highest revenue generated by the state government via stamp duty. In the month of April 2022, total units sold stood at 11,743 from which the government generated ₹738 crore. The sales figure stood at 9,838 units in the month of May, generating ₹726 crore.

In June, a total of 9,919 sales were registered with the IGR and via this, a revenue of ₹733 crore was generated for the treasury of the state government.

The analysis also showed that of all the July months since 2012, July 2022 not only witnessed the highest number of sales but also earned the highest revenue for the state government via stamp duty.

In July 2021, Mumbai saw a total registration of 9,822 sale deeds generating ₹566.79 crore. The number of registrations stood at 2,622 in July 2020, generating ₹214.28 crore, despite the pandemic and lockdown.

Currently, in Mumbai, the stamp duty payable while registering the sales is 6%, whereas there’s a 1% discount when a woman is involved in the deal.

Advocate Vinod Sampat, an expert on real estate with a focus on stamp duty, says, “After Covid, most homebuyers are looking for larger homes, an extra room, especially as work from home has become the new norm.”

He further said that the rise in raw material prices and other aspects are also playing a role in the move towards why more homes are being sold. Another industry expert added, “The reason also could be that there is a fear that future prices may go up as the rates of raw materials are increasing and this will make homes costly.”

Sale of properties in July

Year Sales Revenue

July 2022 11,340 units ₹828.63 Cr

July 2021 9,822 units ₹566.79 Cr

July 2020 2,622 units ₹214.28 Cr

July 2019 5,748 units ₹452.06 Cr

July 2018 6,437 units ₹443.88 Cr

July 2017 6,095 units ₹366.52 Cr

July 2016 5,725 units ₹341 Cr

July 2015 5,832 units ₹404 Cr

July 2014 5,253 units ₹315.66 Cr

July 2013 5,139 units ₹287.24 Cr

July 2012 367 units ₹28.56 Cr