Mumbai witnesses over 10,000 property registrations in April

Mumbai: After the Maharashtra government has discontinued the stamp duty waiver on property registrations from April 2021, the month has witnessed registration of as many as 10,136 properties in Mumbai alone. 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.

According to the data available with the state department of registration and stamps, there was a 43 percent decline in registration of property, as in March 17,728 units were registered 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.

Ashok Mohanani, President, NAREDCO Maharashtra, said, "After the Maharashtra government restored stamp duty to 5 percent from April 1, 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 quarters 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."

Similarly, Pritam Chivukula co-founder & director, Tridhaatu Realty and Secretary, CREDAI MCHI, said, "April yet again witnessed significant property registrations in the city. This is mainly because of the overflow of the registrations from March 2021 where many homebuyers took advantage of the stamp duty waiver 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 again in the interest of the homebuyers.”

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