Mumbai witnesses a 4-fold surge in property registrations in June’21

With the city in the midst of easing its curbs, it observes a 4x jump in property registration when looked at on a yearly basis in June’21. This acceleration, post the ease of certain restrictions is higher when compared to the previous lockdowns.

In a report published by Knight Frank India, real estate consultants, the property registrations were higher by an astounding 39% when compared to that of June 2019. The property registration in Mumbai and its suburban regions that stood at 1839 units in June 2020 saw a climb to 7857 units in June 2021.

Analysing the registration from new residential sales through April, May and June brings to light an upward trend in registrations at 7%, 29% and 42% respectively. If one is to shift their focus on fresh sales made or new apartments sold, a positive picture is painted. The units sold have increased through 710 units, 1554 units and 3300 units in April, May and June correspondingly.

Moreover, the percentage of women homebuyers also rose from 1.8% in May to 4.7% in June. This can be attributed to the policy brought in by the Maharashtra government on 8^th March, by introducing a 1% rebate on stamp duty for women homebuyers, operative 1^st April’21. This scheme was set to recognize International Women’s Day, owing to which, women homebuyers constituted 6.6 % of new sales in April. They enjoyed paying the discounted stamp duty of 4% over purchase which largely benefits home costing Rs 1 cr and below.  

Additionally, the Maharashtra government in December 2020 offered a 4-month allowance to homebuyers seeking to register their property post the stamp duty payment. This nuance was initiated to curb crowding at the centres. Therefore, those who purchased the property as well as paid the stamp duty on or before March 31^st had a window to register their apartment later.

Experts attribute this shift in consumer behaviour to varied factors such as low home loan rates, developers offering discounts, greater time spent indoors coupled with a demand for bigger homes. The Mumbai BMC region which comprises Churchgate to Dahisar and Colaba to Mulund are rejoicing this positive consumer attitude.