Stocks that may benefit from revival in Mumbai Real Estate

Mumbai’s home sales momentum has remained comparatively strong and recorded a 23% growth over the same period last year. For real estate developers as well as the homebuyers, the upcoming festival season is a big ray of hope. Both homebuyers and developers will be keen to see the growth of real estate during festivities. Home Purchase is one of the key purchases which are widely considered during festival times and hence the demand will be on the rise in the coming quarters.

Mumbai: The real estate sector is booming with a lot of interest in homebuyers to make their home purchases despite inflation and rising interest rate scenarios. Mumbai city (BMC area) witnessed property sale registrations of 8,351 units in August, contributing over ₹633 crore to the State’s revenue according to assessment by Knight Frank India. Homebuyers are preferring price band of Rs. 1 Crore while in terms of apartment size 500-1000 sq. ft of area is being looked forward to. The State revenues from property registrations grew 50% year-on-year (YoY), the real estate consulting firm said.

Talking about the rising interest rate scenarios, the rise in repo rate of 140 bps, leading to a rise in home loan rates, and the increase in stamp duty has had its impact on buyer sentiments. However, the traction and liking for having one’s own abode has still been strong. Mumbai’s home sales momentum has remained comparatively strong and recorded a 23% growth over the same period last Year.