A Joyous June 2022 For Mumbai Real Estate Market

Mumbai real estate market - always on the move

According to popular belief, Mumbai is a city that never sleeps. Well, the Mumbai real estate market is a never-ending business too. Despite a rise in loan rates, loss of incentives, etc., the Mumbai Real Estate Market had a record 9,675 transactions in 2022, an almost 20 percent plus increase.

Despite a rise in interest rates and the elimination of a stamp duty reduction advantage, the Mumbai real estate market continued to make records in June 2022.The largest and most expensive real estate market in India had over 9,675 property registrations in June, rising 23 percent from the previous year and setting a new record for the month in terms of both the number of transactions and stamp duty collection.

The state exchequer collected crores of rupees in stamp duty charges in June, an increase of more than 70 percent from the previous year, according to statistics from the inspector general of registration in Maharashtra as of the final day of June 2022.

Gajanan N, a prominent real estate broker in South Mumbai, said that the optimism of homebuyers is obvious in the Mumbai residential market, as seen by the record-high property registrations and income collected at the end of June 2022.

As a result of seasonal tailwinds, the Mumbai real estate market is anticipating robust property sales in the next quarters.

Given the enormous demand for real estate in Mumbai, it is not unexpected that increasing interest rates and the loss of fiscal exemptions such as stamp tax reductions have failed to dampen purchasers' optimism.

Significant key areas of the economy presenting a greater degree of resuming, rising employment and job markets, increased incomes, income stability, and returning to office and campus scenarios have had a cumulatively favourable effect on the desire for purchasing a property.

Despite the introduction of metro cess, which has effectively raised stamp duty by 1 percent since April, and the cumulative repo rate rise of 90 basis points, which has caused leading lenders to boost home loan interest rates, the Mumbai residential market has shown steady development.

Mumbai real estate has always been a robust and busy one. Some of the biggest real estate developers in Mumbai as well as most of real estate brokers in Mumbai believe that the demand for all kinds of real estate in Mumbai including luxury real estate, residential real estate as well as offices and shops will keep on increasing every single day.