Mumbai: The Mumbai --Brihanmumbai Municipal Corporation(BMC) region (i.e. Churchgate to Dahisar and Colaba to Mulund) has recorded property registrations of 6,784 units in August 2021, registering a growth of 157 per cent as compared to August 2020. The registrations for August 2021 were also 16 percent higher compared pre-pandemic period of August 2019 according to Knight Frank India, the leading real estate consultancy in the country.
Following which the state government collections from stamp duty for August 2021 has crossed Rs 400 crore mark which is close to the 2019 monthly average, while collections were over 4 times year on year when compared to August 2020.
It further stated that over 92 percent of the registered homes were fresh sales amounting to 6,241 units that were sold in the month of August 2021. New home sales grown from 53 percent in July, 42 percent in June while in April was as low as 7 percent. The percentage contribution of women buyers to the total registrations remained steady at approximately 4 percent of totaling to 271 registrations, knight frank India report stated.
The headline registration numbers for April-July period are elevated as homebuyers who brought their apartments in 2021 during the lower stamp duty window had a leeway of 4 months until 31st July 2021 to register their property.
Meanwhile, the share of women homebuyers in new registrations has been in low single digits since April 2021 despite the State Government’s intent to increase home ownership amongst women by offering a stamp duty concession of 1 percent.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, "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 upto Rs 1 crore, we can safely say that the real demand has put the woes of the second wave behind. With the upcoming festive season and the expected economic revival along with improved vaccinations, we expect this sales momentum to grow stronger."
