Frank India India city Mumbai Government infection Waves Frank India India city Mumbai

Third covid wave: Property registrations in Mumbai fall 20% in January

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₹453 crore in January. While registrations were lower year-on-year, revenue rose 48% during the same period, property advisory Knight Frank India said on Monday.

During the same period in 2021, lower stamp duty rates and a fall in covid infections had boosted registrations. More than 500 sq ft category homes continued to dominate in MCGM region with 60% sales, despite the government incentive to abolish property taxes.

About 45% of all sales in January were in categories above 500-1000 sq ft. “…Cautiousness on account of the third wave has influenced sentiment which is reflected in January registrations.

However, as previously experienced, we see this slowdown as a temporary blip and market will gain momentum as the rate of infection declines.

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