Property sales registrations in Mumbai jump 30% in November.

Q: According to data sourced from Director General of Registrations, property sales registrations in Mumbai saw a sharp year-on-year rise of nearly 30% in November.

Devika, Mumbai

27th February 2015

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Replies (5)

Right Shaunak,
This will be in addition to the 10-11% of agreement value that buyers pay in form of multiple levies, and another 5-10% of the agreement value is paid to developers on possession for various amenities. As a result, a buyer requires to pay around 20% of the agreement value through his/her own savings, as housing loans do not include these payments.

Shreya Agarwal, Mumbai

2nd March 2015

Comment

Hi Shreya & all,
The fresh round of rate hikes will have a dual impact of increasing outgo on fungible FSI for developers, which they will pass on to buyers, and will also lead to a hike in stamp duty charges for buyers. Buyers who currently pay a stamp duty of around 5% on the agreement value will need to shell out an additional 0.5-1% of agreement value.

Shaunak Verdla, Mumbai

1st March 2015

Comment

There are a lot of fence sitters in the city who want to see more price correction in the market, which is why not much sales are happening. With a revision in the ready-reckoner rates, the property prices will pinch the buyers even more. The ready-reckoner rates for 2015 in Mumbai and suburbs (up to Dahisar in western suburbs and Mulund in eastern suburbs) show that rates have seen about 10% y-o-y increase on an average.

Shreya Agarwal, Mumbai

28th February 2015

Comment

Another reason may be buyers ablitity to fire on money and the property prices are still not finding a common ground. Affordability remains an issue. Even with price stabilisation in residential market, they still rule at a level which is not fitting most budgets.

Roshni Pawal, Mumbai

27th February 2015

Comment

You are right Roshni,
While a good economic scenario should front to improvement in the individual income, it would take at least a year or so for that to happen, Mumbai recorded 55777 sales registrations between January and November, against 57171 registrations in the same period in 2013.

pradyumanapte, Mumbai

27th February 2015

The rise was primarily on account of a lower base seen in November 2013, when the registrations had lowered to a 5-year low.

Roshni Pawal, Mumbai

27th February 2015

Comment

@Roshni,
Sales in residential sector, however, look awful. Property sales registrations fell 2.4% y-o-y in the January-November period, suggesting that buyer sentiment was yet to wake up.

pradyumanapte, Mumbai

27th February 2015