Registered Mortgage Trends in Mumbai (June - July, 2022)

Analytics Aug 12, 2022

Registered mortgage transactions in Mumbai have seen a 15% decline in July 2022, compared to what was seen in June.

Registered Mortgage Transactions Have Seen a Decline in July

This decline observed in mortgage transactions follows from RBI's decision of increasing repo rates, making loans more expensive for buyers. Registered mortgages have seen a steady decline since the increase in rates, with a similar decline in mortgage volume also seen in May.

Registered Mortgages in July, 2021 Saw in Increase from June

In an effort to gauge whether the the drop in registered mortgages in Mumbai for this period is seasonal, a comparison was made from the same period last year.

Contrary to what is seen this year, however, an increase in transactions was seen in July, 2021, compared to the numbers in the preceding month. Therefore, the drop noted this year is not seasonal.

Premium Transactions Drove Registered Mortgage Volume

As properties in Mumbai generally tend to be on the higher end of the spectrum when it comes to price, premium properties (ticket size > 75 Lakhs) continued drive registered mortgages in the city, with a share of over 40% maintained from June through July.

Mid-Segment (ticket size between 45 and 75 Lakhs) properties, on the other hand, noted a slight decrease in volume in favour of premium properties for the month of July.

Looking into the age profile of borrowers, it was noted that buyers over 45 years of age took out the most number of loans in the city.

Malad and Borivali Saw the Most Number of Registered Mortgage Transactions

The north-western parts of Mumbai noted a high number of registered mortgages, with 3 of the top 5 localities by volume (Malad, Borivali, and Kandivali) all located in north-western Mumbai.

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