Mumbai: The property market in Maximum City is likely to rejoice given that sales in the city hit a sweet note in October.
According to data from Knight Frank, a property consultancy, sales in the month of October touched 8,576 units -- the best October of the decade.
The city witnessed an 87 percent YoY growth in Oct-13. The second sweet year was the fiscal of Oct 2020 with YoY growth of 36%.
In a note, Knight Frank said, "In October 2021, the city recorded 10-year best property sale registrations of 8,576 units growing by 8% YoY compared to October 2020, when the stamp duty rate was at the lowest level of 2%."
The reason has been attributed to homebuyers who seem to be decisively taking a property purchase decision. Although the government stamp duty incentives no longer exists there have been amenable factors such as multi-year low home loan interest rates and attractive property prices and developer festive offers on new projects that are likely to have spurred customers in closing deals.
The volume is driven by apartments priced over Rs 1 crore.
"96% of properties sold in Mumbai city are within the INR 5 Cr value segment as per numbers for October 2021. In terms of further ticket size segments, 53% of property sale registrations took place in the INR 1 Cr and below category followed by 43% of registrations that took place in the INR 1 Cr to INR 5 Cr segment," added the note.
Shishir Baijal, CMD at Knight Frank said, "The pandemic experience fueled the culturally deep-rooted yearning of Indian household towards home ownership. The ongoing festivities has complemented the already positive outlook that home buyers had exuded over the past year or so. The same is reflecting on the property registration numbers, wherein we are seeing best levels in consequent months of September and October. The improved sense on economic environment and the rapid COVID vaccination coverage across the country has lent confidence to homebuyers. Hence, even while the government stamp duty incentive has been rolled back, a combination of positive factors like multi decade low home loan interest rate, affordable property prices, and developer offerings on new products and payment flexibility has pushed fence sitters too to take the purchase decision sooner than later."