Registration of homes in Mumbai Metropolitan Region (MMR) rose 53 per cent last year to 2.42 lakh units, driven by stamp duty reduction by the Maharashtra government and low interest rates on home loans, according to a report.
Industry body CREDAI-MCHI, real estate consultant Colliers India and data analytics firm CRE Matrix on Monday released their joint report 'MMR Housing Uptick aided by Support'.
Registration of residential properties stood at 2,42,061 units during 2021 calendar year as against 1,58,327 units in 2020 and 2,01,613 units in 2019.
In value terms, CRE Matrix CEO Abhishek Kiran Gupta said the value of property registered stood at Rs 1.9 lakh crore last year, Rs 1.12 lakh crore in 2020 and Rs 1.29 lakh crore in 2019.
He said the registration data comprises units sold in primary and secondary (resale) markets. Around 55 per cent would be primary sales of the total registrations.
Boman Irani, incoming president of CREDAI-MCHI, thanked the government for timely actions and interventions for the real estate sector, amid trying times of COVID-19 pandemic.
Irani said the stamp duty collections of the government also rose 81 per cent year-on-year in 2021, almost touching 2019 level. Colliers India CEO Ramesh Nair said the year 2021 has definitely been a good year for homebuyers.
''The numbers show how sops at the right time can boost demand across the segments,'' he added.
Apart from stamp duty reduction, Nair said the home loan rates, stable housing prices, pent-up demand and discounts offered by builders contributed to rise in registration numbers.
Within the MMR property market, the registration of homes in Thane increased to 1,02,054 units during last year from 69,434 units in 2020 and 94,154 units in 2019.
Palghar saw registration of 28,678 units last year as against 20,357 units and 26,280 units in the previous two years, respectively.
Homes registration in Raigad rose to 34,192 units in 2021 from 22,775 units in the previous year and 32,725 units in 2019.
As many as 12,023 units got registered in Mumbai City last year. In 2020 and 2019, 7,025 units and 6,593 units were registered, respectively.
Registration numbers in Mumbai Suburban grew to 65,114 units in 2021 from 38,736 units in 2020 and 41,861 units in 2019.
The state government in September 2020 reduced stamp duty charges from 5 per cent to 2 per cent for all residential transactions for September- December 2020 and to 3 per cent during January-March 2021.
The cut in stamp duty gave fillip to affordable and mid segment (less than Rs 1 crore). Property registrations in these segments rose 22 per cent in 2021, over 2019.
Gupta of CRE Matrix said the quarterly housing sales in value terms is around Rs 35,000 crore in MMR.
''The two quarters where state government cut stamp duty, the housing sales in value terms doubled to Rs 70,000 crore per quarter,'' he added.
Gupta expects the sales to come back to Rs 35,000 crore per quarter.
The Brihanmumbai Municipal Corporation (BMC) also saw a massive upsurge in premium collections as it crossed Rs 11,000 crore before the end of December 2021.
The average collection over the past 10 years have been in the range of Rs 3,500- 4,000 crore, it added.
At the same time, in 2020-21, property tax collections hit a 10 year-high with collections of Rs 5,135 crore, meeting 98 per cent of the projected figure.
Property tax is the second biggest source of revenue for the municipal corporation of Greater Mumbai after Goods and Services Tax (GST).
(With inputs from PTI)
