The sale of 11,744 properties in Mumbai contributed about INR 738 crores to Maharashtra's revenue, as per a report. The increase in ready reckoner rates, stamp duty, the 1 percent metro cess, and the increase in the price of cement and steel, as well as the resulting increase in property prices, do not appear to be deterring buyers as of April 1, 2022. The no of flats registered in April 2022 drove state revenue collections to a 10-year high, surpassing the INR 514 crore collected in April 2021. When the effective stamp duty rate was 1 percent lower, April 2022 saw a 43 percent YoY increase. The rush is mostly due to customers planning ahead to avoid the metro cess fee, which came into effect on April 1. Consumers accelerated their purchases by submitting in March 2022 and registering in April 2022, effectively avoiding the 1 percent metro cess.

At a 5 percent effective rate of stamp duty, 82 percent of residential registrations finalized in the month of April 2022 were filed in the month of March 2022. In April 2022, 17 percent of the properties registered were filled, with an applicable stamp duty rate of 6 percent. At least 55 percent of registrations were for properties priced over INR 1 CR, with mid-sized residences being the most popular category in terms of unit size. Property registrations totaled 10,136 units in the same month the previous year, as per a report.

Residential properties with a ticket size of INR 1 CR or less, which accounted for 45 percent of residential property registrations in April 2022, remained the emphasis. Property transactions between INR 1 and INR 2.5 CR received a 39 percent contribution, while those between 2.5 and 5 CR received a 10 percent contribution, as per a report. In April 2022, residential properties above 5 CR accounted for 5 percent of all home sales.

April 2022 and 2021 were preceded by record-breaking March months. As March 2021 marked the end of a 3 percent stamp duty exemption, sales increased. However, the month of March 2022 showed an increase in sales as it was the final month prior to the implementation of an additional 1 percent metro cess.

In April 2022, the shares of central Mumbai and south Mumbai both increased to 7 percent and 6 percent, respectively. Western suburbs now account for 62 percent of the population, up from 51 percent in March. In April 2022, the share of property registrations in the central suburbs fell from 38 percent to 25 percent, as per a report.

It is gratifying to note the sustained pace in property sales, which helped April 2022 achieve a decade-high for comparable months. While the metro cess has increased inflows towards property purchases, other elements such as pricing, home loan rates, household income and savings, financial security, etc. have stayed constant, encouraging buyers to complete their purchases.