Mumbai leads in property registration in a decade in April; over 10,136 completed deals

FPJ Web Desk | Updated on: Tuesday, May 04, 2021, 11:42 AM IST


Mumbai leads in property registration in a decade with over 10,136 completed deals for April. Citing data from the Inspector General of Registration, Maharashtra, a report in Economic Times said the completed deals led to stamp duty revenue collection of Rs 514 crore in April.

Buoyed by a cut in stamp duty along with resurgence in realty demand, housing sales in Mumbai in March 2021 increased 234 percent over the same period last year, according to a report by Knight Frank India.

While March 2020 noted registrations of 3,798 units, March 2021 saw 12,696 units being registered, said the report.

The value of apartments sold in January to March 24, 2021 period added to Rs 39,880 crore. Since the reduction of stamp duty rates from September 2021, apartments worth Rs 1,08,967 have been sold.

Total value of all apartments sold in full year 2020 was estimated to be around Rs 1,00,245 crore surpassing the 2019 mark of Rs 90,769 crore, it said.

Mumbai saw about 5-10 percent decline in rentals rates in key markets as on Q1 2021 against the previous year, as per recent data by ANAROCK Research. The current average monthly rentals at both Kala Ghoda and Fort area are around Rs 450-500 per sq ft each, while at Bandra Linking Road it stands at about Rs 750-900 per sq ft.

The country’s most expensive retail hub – Khan Market in New Delhi - saw a drop of between 8-17% in average monthly rentals in Q1 2021, as against Q1 2020. The average monthly rentals hovered b/w Rs 1,000-1,100 per sq ft as on Q1 2021-end. Likewise, in GK-1 M Block, rentals reduced between 13-14 percent and are presently b/w Rs 300-350 per sq ft.

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Published on: Tuesday, May 04, 2021, 11:42 AM IST