Since the pandemic-induced shutdown, there has been an increase in property buying and selling. The Mumbai Municipal Region (MMR) witnessed its highest property purchase activity in the past five years, according to a research report by property consultancy PropEquity.
According to the report, the total registered value of residential properties in Mumbai registered 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 home registrations in the first half of the current calendar year, with a quarterly average of 33,381. This is about twice (about 97 percent) compared to the same period in 2021, according to the report.
The report also said that the city witnessed the average quarterly value of registered properties at Rs 36,112 crore in the first half of 2021, while the average number of quarterly registrations was 35,012 in the same period.
“The trend of people buying a house for themselves after the pandemic has led to a surge in real estate activity almost everywhere in the country, but it is in Mumbai that it is particularly accentuated,” said Samir Jasuja, CEO of PropEquity. .
He also said that people seem unfazed by rising interest rates and higher EMI expenses as they realize the necessity and security of a home, especially after the Covid19 pandemic.
The number of property registrations in the second half of calendar year 2022 is the highest in five years, signifying that the people of Mumbai have put the turmoil of the pandemic behind them and shown exemplary resilience. Even the city’s housing market has shown tremendous strength, he said.
Five years ago in 2018, the average quarterly registered property value in Mumbai was Rs 27,229 crore in the first half of 2018 and the average quarterly registration number was 25,017 in the same period, the report added.
“Mumbai has seen steady and strong growth in residential sales over the past few quarters, with luxury and middle-income housing performing extremely well,” said Mr. Shiwang Suraj, Founder and Director of Inframantra, a real estate consulting firm.
“As the holiday season kicks off, we expect this trend to continue through this year with only a small impact from inflation trends and higher borrowing costs for home loans,” he said.