As of 24th January 2022, Maharashtra reported 92,055 property registrations in the first month of 2022. Though this is 33% lower compared to the previous month, a few working days are still left for the month to end.
Anuj Puri, Chairman – ANAROCK Group said, “The revenue from property registrations has also declined by 46% to INR 1,274 Cr during the same period. While property registrations were 40% lower compared to the same period last year, the revenue from property registrations increased by 8%.”
“The average revenue per registration has increased by 78% in January 2022 compared to the same period last year. This clearly indicates that larger ticket sizes are witnessing traction in January 2022.”
Mumbai is the most active real estate market of Maharashtra
Mumbai alone contributed 6% to the property registrations across the state and 26% to the overall revenue. Around 5,918 properties were registered till 24th January 2022; 39% less compared to the previous month.
Revenue has also decreased by 56% to INR 334 Cr in the same period. The sudden drop in registrations and revenue can be attributed to:
- The 3rd wave of COVID-19
- Anticipation of favourable announcements in Union Budget 2022, and
- Anticipation of the auspicious Gudi Padwa festival, which starts in the next couple of months.
However, property registrations and revenue are higher by 10% and 25% respectively compared to May 2021 (post the 2nd wave).
Compared to last year, property registrations decreased significantly by 43% in January 2022. This is attributed to the temporary reduction in stamp duty in January 2021. On the other hand, revenue from property registrations increased by 10% owing to larger ticket size transactions.
The average revenue per registration increased by 93% from INR 2.9 Lakh in January 2021 to INR 5.7 lakh in January 2022.
Property registrations are likely to increase in the future on the back of upcoming festive season and Union Budget 2022. The real estate market in the state is expected to rebound quick as the Omicron variant is less severe and complete lockdown is not imposed across the state.