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Motilal Oswal Report
Residential sales in Mumbai reported a sharp surge in March 2022 as property registrations rose to a 12-month high of 16,723 units (up 61% month-on-month).
Surge in registrations was anticipated due to the slated 1% hike in stamp duty beginning April 01, 2022. December 2020/March 2021 saw a similar bump up in registrations to 19,600/~17,700 units before the stamp duty was hiked by 1%/2%.
Daily transactions surged to ~540 units versus ~300 units in FY22. Average ticket size recovered to Rs 14 million versus Rs 12 million in the last couple of months.
We do not expect any material impact of a 1% hike in stamp duty on demand as developers continue to be accommodative, absorbing part of the stamp duty hike.
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