Mumbai witnesses an increase in property registrations Y-o-Y in August 2021

Mumbai witnesses an increase in property registrations Y-o-Y in August 2021

Mumbai recorded property sales of 6784 units in August 2021, which is down by 29 percent month-on-month (MoM) compared to July 2021, while 5873 units registered in August 2019, which is higher by 16% compared to the pre-pandemic period.

Interestingly, 92% of the registered homes were fresh sales that were sold in the month of August. New home sales increased from 53% in July 2021 and 42% in June 2021.

The state government collections from stamp duty for August 2021 have crossed the `400-crore mark, which is close to the 2019 monthly average while collections were over four times year on year when compared to August 2020.

Here is what real estate experts have to say:

Mr. Ashok Mohanani, President, NAREDCO Maharashtra

”The gradual unlocking of the city, increase in vaccinations, opening up of the economy, and sops from the state government and developers helped boost sales during the month of August 2021. The industry has witnessed a balanced and steady recovery in property registrations in the past quarters. However, developers are of the view that it would be a challenge to sustain the growth momentum going ahead and the support from the government to the industry will be crucial and looked upon. With the progressive uptick of the numbers, housing demand among homebuyers will continue gaining momentum in the coming months as well. We urge the State Government to announce further measures that would ease the liquidity concerns and accelerate the overall economic growth.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, and Hon. Secretary, CREDAI MCHI

“There has been a stronger growth in property registrations post easing of lockdown restrictions and mass vaccination drive. Inspite of the expiry of the State Government’s four-month extension last month to register the properties after the discontinuation of the stamp duty benefit, the month of August has witnessed an impressive ascent in property deals. Going forward, it will be a real challenge to sustain the momentum that the real estate sector had gained in the previous three quarters due to the stamp duty rebate. The Government needs to reintroduce stamp duty waivers to boost sales.”

Mr. Ram Naik, Executive Director, The Guardians Real Estate Advisory

“The sector has witnessed a significant resilience as compared to the corresponding period last year. This is mainly because of the continued economic activities after the ease of restrictions by the Government and the robust vaccination program that has helped to get the real estate recovery back on track. We have seen demand picking up from homeowners who are upgrading their properties in search of larger homes and also from millennials who have been eagerly waiting to buy their first home. We expect the trend to continue in the upcoming festive season as well.”