Mumbai's Property Market Sees a Slump: Registrations Down 14% in September
Property registrations in Mumbai have declined by 14% in September compared to the same period last year, as reported by Knight Frank.
Mumbai Property MarketReal EstateKnight FrankProperty RegistrationsEconomic UncertaintyReal Estate MumbaiSep 30, 2024
The report states that the total number of property registrations in Mumbai fell to 5,811 in September, down from 6,738 in the same month last year. This decline is a significant setback for the city's real estate market, which has been struggling to recover from the impact of the pandemic.
The slowdown in property registrations is also reflected in the revenue generated by the state government from stamp duty and registration charges. The revenue collection declined by 12% to Rs 647 crore in September, compared to Rs 737 crore in the same month last year.
Experts attribute the decline to the ongoing pandemic, which has led to a decrease in consumer sentiment and a reduction in purchasing power. The economic uncertainty has also led to a decrease in demand for properties, resulting in a decline in registrations.
However, some experts believe that the decline in property registrations may be a temporary phenomenon and that the market may recover in the coming months. They point out that the government has taken several measures to boost the real estate sector, including the reduction of stamp duty and the introduction of new policies to encourage affordable housing.
Knight Frank is a leading global real estate consultancy, providing comprehensive services to clients across the globe. With a strong presence in India, the company has been tracking the country's real estate market for several years and provides regular updates on market trends and developments.
Information
Knight Frank's report on Mumbai's property market is part of its regular updates on the Indian real estate sector. The company's research team tracks market trends and provides insights on the performance of various cities, including Mumbai.
Knight Frank is a global real estate consultancy with a strong presence in India. The company provides comprehensive services to clients, including research, consulting, and transactional services.
Frequently Asked Questions
What is the decline in property registrations in Mumbai in September?
The decline in property registrations in Mumbai in September is 14% compared to the same period last year.
What is the total number of property registrations in Mumbai in September?
The total number of property registrations in Mumbai in September is 5,811.
What is the revenue collection from stamp duty and registration charges in September?
The revenue collection from stamp duty and registration charges in September is Rs 647 crore.
What are the factors attributed to the decline in property registrations?
The decline in property registrations is attributed to the ongoing pandemic and economic uncertainty.
Is the decline in property registrations a temporary phenomenon?
Some experts believe that the decline in property registrations may be a temporary phenomenon and that the market may recover in the coming months.
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