In August 2021, Mumbai saw around 7,000 property deals registrations which are down by 29 per cent month-on-month (MoM) in comparison to July 2021, according to data from the Inspector General of Registration, Maharashtra.
The registration number declined 15 percent corresponding to August 2019 and increased 164 percent from August 2020, an analysis by Propstack showed.
Registrations of over 9,000 units in July compared to 7,851 units registrations in June 2021. May 2021 marked 5,360 registrations whereas in April 10,136 properties were registered. In March, the month when the 3% stamp duty waiver ended, there were 17,728 registrations.
In December 2020, for the prevention of overcrowding of registration offices, the Maharashtra government gave the liberty of four months to homebuyers to register property after the payment of stamp duty is done.
Stamp duty collection in August 2021 stood at around Rs 420 crore, down 21% corresponding to July 2021 but 155 per cent up from 2020. It is 10 percent less than the stamp duty collections of August 2019, an analysis by Propstack showed.
The total value of properties sold in August was around Rs 9,000 crore, down by 21 per cent compared to July 2021. But, the number showed an improvement of 8 percent as compared to August 2019 and increased by 155 percent corresponding to August 2020, the analysis showed.
Mumbai BMC region (i.e. Churchgate to Dahisar and Colaba to Mulund) for August had 92% of the registrations for fresh sales amounting to 6,241 units, registering a growth of 157 per cent Year-on-Year (YoY) compared to the same period last year, the consultant said in a statement.
“Overwhelmingly, 92 per cent of the registered homes were fresh sales amounting to 6,241 units that were sold in August 2021.
“New home sales grew from 53 per cent in July 2021, 42 per cent in June 2021 while in April it was as low as 7 per cent,” Knight Frank said.
The percentage contribution of women buyers to the total registrations also summed at a single digit- 4 per cent totalling 271 registrations.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “Real estate sales in Mumbai have bounced back strongly after the pandemic.”
“Going by the rise in fresh sales during the month which has consistently grown since April along with the significant rise of sales of homes priced up to Rs 1 crore, we can safely say that the real demand has put the woes of the second wave behind,” he added.