April property sales revenue on decadal high

Mumbai witnessed property sale registrations of 9,867 units in April 2023 compared to 13,151 units in March, a dip of 25% month on month, even as the revenue from stamp duty touched a decadal high of ₹840 crore in the month of April since 2013

MUMBAI: Mumbai witnessed property sale registrations of 9,867 units in April 2023 compared to 13,151 units in March, a dip of 25% month on month, even as the revenue from stamp duty touched a decadal high of ₹840 crore in the month of April since 2013, according to an assessment by Knight Frank India based on data till 12 noon on Friday.

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Of the total properties registered, 83% were residential while 17% were non-residential properties.

“Total property registrations in April 2023 stood at 9,867, down 16% YoY. The decline was largely led by two reasons, firstly a base effect as April-22 observed a spillover of registrations from the previous months with 17% of properties registered in April 2022 were filled in March 2022. Secondly, a seasonality impact as in the last 8 out of 10 years, the month of April witnessed a dip in registrations against the March of that year.” the Knight Frank report said.

Another key highlight of April registrations was the sharp rise in the share of homes larger than 2000 sq ft from 3% in March to 10% in April. The share of homes of up to 500 sq ft dipped marginally from 34% in March to 32% in April, and homes between 500-1000 sq ft size dipped from 48% to 44%. The share of homes between 1000-2000 sq ft remained constant at 14%

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “The state exchequer has benefitted from the market vibrancy that now marks its

best April month in revenue collections. While the YoY registration momentum in April 2023 is lower due to the base effect, and financial year closing in March playing its role in lower MoM numbers, the month saw a big cheer in the form of a pause in policy interest rate hikes. This provides a breather to

homebuyers, keeping their affordability intact, crucial to fulfilling their desire to own a home.”