Property registration in Mumbai hits 10-year high, demand moderates

Spurt in home sales after state government cut stamp duty appears to be cooling off, say industry experts.

Property registrations in Mumbai hit the 100,000-mark till November, marking a 10-year high as "demand enablers" like low prices and cheaper interest rates lure people to buy homes in India’s financial capital.

The previous 10-year high was 80,746 units in 2018. November 2021 recorded property sale registrations of 7,582 units: an 18 per-cent decline compared to same month last year (YoY) when stamp duty rate was at its lowest level of two per cent, said property consultant Knight Frank India, quoting data from the Maharashtra government’s Department of Registrations and Stamps.

Compared to October or a month-on-month (MoM) basis, registrations