What slowdown? Mumbai generates revenue of Rs 242 crore in July from registrations, says report

While people are talking about slowdown in real estate due to COVID-19, a report suggests otherwise. Mumbai has reportedly generated revenue of Rs 242 crore in July just from property registrations, said report.

According to a report by squarefeatindia.com, a total of 21,311 documents were registered with the Department of Registration & Stamps. The figures have drastically changed, as compared to month of April and May. Only 27 documents were registered in April, from which a revenue of Rs 43,547 was generated.

Meanwhile, figures went up slightly in May and a total of 1,404 documents were registered, from which revenue collected was Rs 18.12 crore. In June, 13,652 documents from which a revenue of Rs 179 crore was generated. Before the lockdown, Mumbai generated a revenue of Rs 377 crore in March, while in February it stood close to Rs 470 crore.

Amid projections of India's economy taking a beating on account of coronavirus-induced health and financial crisis, new launches and housing sales declined significantly in the country's eight prime residential markets during the April to June period, a quarterly analysis by real estate brokerage firm PropTiger.com shows.

The cities covered in the analysis are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Noida, Greater Noida, Gurugram, Ghaziabad and Faridabad), the MMR (Mumbai, Navi Mumbai, Thane) and Pune. According to the report titled 'Real Insight: Q2 2020,' housing sales in the three months dipped 79 per cent over the same period last year. As against 92,764 units in Q2 2019, only 19,038 units were sold during April to June this year.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal