MUMBAI: Just after the Maharashtra government discontinued the stamp duty waiver on property registrations from April 2021, the month has witnessed the registration of as many as 10,136 properties in Mumbai. The data was made available by Maharashtra’s Department of Registration and Stamps. There was a 43 percent decline in just about a month as March 2021 had registered 17,728 units when the stamp duty waiver of 3 percent was available. However, the number of units registered in April 2021 was up 70 percent compared to the units registered in April 2019 which were 5,940 units. There were zero registrations in April 2020 due to the complete nationwide lockdown amid the first outbreak of COVID-19 in the country.
In February 2021, 10,170 units were registered; in January this year, 10,412 units were registered. December and November 2020 saw the registration of 19,581 and 9,301 units, respectively, the state’s registration data indicated.
As per the IGR data, the month of April 2021 has recorded the best registration numbers as compared to the past few years.
Mr. Ashok MohananiPresident, NAREDCO Maharashtra” After the Maharashtra government restored stamp duty to 5 percent from 1st April, we have witnessed a slight dip in property registrations. April 2021 though has witnessed significant registration numbers as compared to the same period for the last few years. There is still demand among the homebuyers, and we believe the numbers will see an uptick once the lockdown restrictions are lifted. The stamp duty cut significantly stimulated housing demand in the city in the previous quarter and it would be great if the government can reconsider trimming it down for another year, until March 2022. This will continue the momentum for property sales.”
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Hon. Secretary, CREDAI MCHI, “April 2021 has yet again witnessed significant property registrations in Mumbai. This is mainly because of the overflow of the registrations from March 2021 where many homebuyers took advantage of the stamp duty benefit before the March deadline and registered their properties in April 2021. The real estate sector witnessed an impressive recovery in the past few months owing to the stamp duty cut by the State Government. Other factors such as a hike in household saving rates, all-time low home loan rates, developers offering discounts, and payment flexibility too helped in the resurgence of real estate demand. Amid the sudden spike in Covid cases and the various curbs due to the lockdown in the State, the sector is facing a gradual slowdown which has made it extremely difficult to sustain the momentum. We urge the Government to reconsider their decision on the stamp duty waiver in the interest of the homebuyers again.”
Image Source: Photo by Sonika Agarwal on Unsplash
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