Business
Mumbai property market sees 8% surge in August; Rs1,072 crore stamp duty revenue marks 32% YoY growth: Knight Frank
MUMBAI: In August 2024, approximately 11,735 properties were registered within Mumbai’s municipal limits, generating over Rs 1,072 crore in stamp duty revenue for the state exchequer which marks an 8 per cent increase in property registrations and 32 per cent rise in revenue year-on-year (YoY), according to Knight Frank report.
The Mumbai property market has reached a milestone, recording the highest property registrations and revenue collections in a decade. Residential units dominated the market, comprising 80 per cent of the total registrations, signalling continued strong demand for housing in the city.
Mumbai’s property market has seen a consistent rise in transactions, with property sales exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
The city has experienced its best eight-month period on record, with 96,601 property registrations from January to August 2024, representing a 16 per cent increase from 83,615 registrations during the same period in 2023. Revenue from these transactions surged by 10 per cent, reaching Rs 8,010 crore, compared to Rs 7,262 crore in the previous year.
The demand for high-value properties has seen an uptick, with transactions of properties priced at Rs 2 crore and above increasing by 77 per cent YoY, totaling 2,699 units. The proportion of these high-value properties in the overall market rose from 14 per cent in August 2023 to 23 per cent in August 2024. Conversely, the share of properties priced below Rs 50 lakh dropped significantly, from 44 per cent to 21 per cent during the same period.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
In August 2024, there was a noticeable shift in the market towards larger apartments. Properties measuring between 500 sq ft and 1,000 sq ft accounted for 49 per cent of all registrations, up from 47 per cent in August 2023.
Meanwhile, the share of apartments up to 500 sq ft declined from 38 per cent to 33 per cent, indicating a growing preference for more spacious living arrangements.
The Western Suburbs and Central Suburbs continue to dominate Mumbai’s property market, accounting for 83 per cent of the total registrations. However, there has been a slight shift, with the Western Suburbs’ share decreasing from 57 per cent in August 2023 to 55 per cent in August 2024, while the Central Suburbs remained stable at 28 per cent.
Notably, property registrations in other areas, including Central and South Mumbai, saw an increase, contributing to a more diversified market.
The Mumbai property market has reached a milestone, recording the highest property registrations and revenue collections in a decade. Residential units dominated the market, comprising 80 per cent of the total registrations, signalling continued strong demand for housing in the city.
Mumbai’s property market has seen a consistent rise in transactions, with property sales exceeding 10,000 units for the first eight months of the year, marking eleven consecutive months of annual growth since August 2023.
The city has experienced its best eight-month period on record, with 96,601 property registrations from January to August 2024, representing a 16 per cent increase from 83,615 registrations during the same period in 2023. Revenue from these transactions surged by 10 per cent, reaching Rs 8,010 crore, compared to Rs 7,262 crore in the previous year.
The demand for high-value properties has seen an uptick, with transactions of properties priced at Rs 2 crore and above increasing by 77 per cent YoY, totaling 2,699 units. The proportion of these high-value properties in the overall market rose from 14 per cent in August 2023 to 23 per cent in August 2024. Conversely, the share of properties priced below Rs 50 lakh dropped significantly, from 44 per cent to 21 per cent during the same period.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Mumbai’s residential market has maintained strong momentum in 2024, with monthly sales showing consistent YoY growth. August stood out, recording the highest growth in revenues compared to the rest of the year. The strong economic outlook and stable interest rates have kept homebuyer sentiments positive, fuelling steady sales.”
In August 2024, there was a noticeable shift in the market towards larger apartments. Properties measuring between 500 sq ft and 1,000 sq ft accounted for 49 per cent of all registrations, up from 47 per cent in August 2023.
Meanwhile, the share of apartments up to 500 sq ft declined from 38 per cent to 33 per cent, indicating a growing preference for more spacious living arrangements.
The Western Suburbs and Central Suburbs continue to dominate Mumbai’s property market, accounting for 83 per cent of the total registrations. However, there has been a slight shift, with the Western Suburbs’ share decreasing from 57 per cent in August 2023 to 55 per cent in August 2024, while the Central Suburbs remained stable at 28 per cent.
Notably, property registrations in other areas, including Central and South Mumbai, saw an increase, contributing to a more diversified market.
NEW DELHI: Indian refiners can leverage their combined consumption to seek better terms for next year’s annual contracts with suppliers, especially Russia, as a gloomy demand outlook subdues oil prices, a senior petroleum ministry official said on Thursday.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
Applications for US unemployment benefits fell to the lowest level since May, indicating the job market remains healthy despite a slowdown in hiring.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Business
Stock market today: BSE Sensex hits fresh lifetime high, goes above 83,600; Nifty50 above 25,550
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Friday to hit lifetime highs following a more than expected 50 basis points rate cut by the US Federal Reserve. While BSE Sensex climbed above 83,600, Nifty50 was above 25,550. At 9:20 AM, BSE Sensex was trading at 83,636.77, up 689 points or 0.83%. Nifty50 was at 25,571.70, up 194 points or 0.77%.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
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