Over 11,700 properties registered for sale in April 2022: Knight Frank

Knight Frank

Mumbai, May 03, 2022: Knight Frank India, the leading real estate consultancy in the country, in its latest assessment noted that Mumbai city (MCGM area) saw property sale registrations of 11,744 units in April 2022, contributing over INR 738 Crores (Cr) to the state revenues. The number of units registered in April 2022 was the best in a decade for the month of April, while monthly state revenue collections were at a 10-year high for the April month. 55% registrations were in the price band of above 1 Cr while in terms of apartment size, mid-sized homes (ranging between 500-1000 sq ft) were the most preferred category of property registered in April 2022.


April 2022 recorded property sale registration of 11,744 units making it the best April month in the decade, followed by April 2021 when sale registrations of 10,136 units took place. Both were preceded by record high March months, where March 2021 gained traction as it marked the end of stamp duty waiver (3% stamp duty applicable rate), while March 2022 saw higher sales as it was the last month before introduction of additional 1% metro cess.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said “It is heartening to see the continuous momentum of property sales, which has helped April 2022 register a decadal best performance for its corresponding months. The state government has continued to gain in terms of revenues. Even while outflows towards property purchase have increased due to metro cess, other factors like prices, home loan rates, household income and savings, financial security etc. have remained stable, encouraging buyers to conclude their purchases. Knight Frank expect these sentiments to continue despite cautions of rising inflation and geo-political challenges, as home ownership is considered a safety net against such challenges.”   

Buyers advance purchase to save metro cess levy.

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Consumers advanced their purchase by filing in March 2022 while registering them in April 2022, effectively saving 1% metro cess on their deals. 82% of property registrations executed in April 2022 were filed in March- 2022 at effective stamp duty rate of 5%. While 17% of properties registered in April 2022 were filled in April 2022 having an effective stamp duty rate of 6%.               

86% of the properties registered in April 2022 are residential

Residential deals bag major share of property registrations in April 2022 with a contribution of 86%. Commercial property deals contribute to 8% while industrial property deals contribute 3%. Contribution of land deals is under 1%. Other forms of property deals contribute to remaining 3% of properties registered in April 2022.


Homes of 500-1,000 sq ft continued to be the preference, accounting for 47% of the total registrations in April 2022, followed by compact homes of up to 500 sq ft with a share of 36%. Under 500 sq ft carpet area homes had previously received a government incentive of 100% relief in property tax effective since February 2022, which is expected to further incentivize affordable housing segment. Homes of 1,000-2,000 sq ft accounted for 15% of total registrations.


Focus remained residential properties with a ticket size of INR 1 Cr and below which made up 45% of residential registrations in April 2022. INR 1 Cr to 2.5 Cr has a contribution of 39% while INR 2.5 – 5 Cr has a contribution of 10%. Residential properties above 5 Cr contribute to 5% of the total residential deals in April 2022.

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Western suburbs, followed by Central Suburbs, dictated the Mumbai market. The shares of Central Mumbai and South Mumbai have gone up to 7% and 6% respectively in April 2022. The share of Western Suburbs has also risen to 62% from 51% in March 2022. Central Suburb saw a drop in share of property registrations from 38% to 25% in April 2022. 

Buyers prefer buying property in their current micro markets 

In April 2022, Consumers within Mumbai demonstrated home purchasing inclination towards their current location micro market. Out of City buyers have shown interest in purchasing residential properties primarily in Western Suburbs.

Consumers located in Central suburbs and Western suburbs show strong proclivity in buying property in their own micro market with 88% of Central Suburbs and 86% of Western Suburbs prefer their current location while purchasing new property. Being relatively affordable micro markets within the city, 7% of consumers located in Central Suburbs have purchased property in Western Suburbs, while 10% of consumers located in Western Suburbs have purchased property in Central Suburbs.

South and Central Mumbai being premium micro market relatively lower, 55% consumers located in their micro markets prefer buying property within these micro markets. 18% consumers in Central Mumbai have shown inclination in buying property in Western Suburbs. While 16% of consumers based in South Mumbai preferred purchasing a home in central Mumbai & Western suburbs.

46% of home buyers in April 2022 are in 31-45 years age bracket

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Largest share of home buyers in April 2022 are in the 31- 45 years category having contribution of 46%. 46-60 years category has a share of 31% in April 2022. 10% home buyers are under 30 while 13% are over 60.

Highest revenue collection for the months of April in the last 10 years

Government revenue collection in April 2022 recorded at INR 738 Cr was a decadal best for April month surpassing April 2021’s collection of INR 514 Cr. April 2022 recorded a growth of 43% YoY over April 2021, when the effective stamp duty rate was 1% lower.