Property Registrations in Mumbai Rise to 9,037 Units in July

A strong pick up in registration of housing properties in the Mumbai municipal region is seen amidst the second wave. It has jumped over threefold so far this month at 9,037 units as against the year-ago period with fresh sales contributing more than half, according to Knight Frank India.

Mumbai BMC region (i.e. Churchgate to Dahisar and Colaba to Mulund) recorded property registrations of 9,037 units till 12 noon on Friday.

As many as 7,857 units were registered in June 2021, while 2,662 units were registered in the entire July month of 2020.

Knight Frank said that 53 per cent of registrations in July 2021 were from new residential sales concluded in the month, recording a sharp improvement compared to 42 per cent in June 2021, 29 per cent during May 2021, and 7 per cent during April 2021.

The Maharashtra state government, in December 2020, had given a leeway of four months to homebuyers to register a property after the payment of stamp duty in order to prevent crowding of registration offices.

This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, 2021, have a maximum window of four months till July 31, 2021, from the respective date of payment of stamp duty for registering their apartment.

Knight Frank India CMD (Chairman & Managing Director) Shishir Baijal said: "It is encouraging to see a strong pick up in property registrations in the recent months, despite the impact of the second wave. Property registrations have continued to grow on a monthly basis since May 2021 and have crossed the 9,000 units mark in July 2021."

The registrations for July 2021, so far, have recorded the highest ever numbers for the month of July in the last decade, he added.

"As the economy revives and the lockdown restrictions ease further, with the increase in the pace of vaccinations, we expect this momentum to sustain provided we avoid the third wave," Baijal said.

Even though the duration of lockdown in Mumbai was similar to last year, the pick-up post gradual easing of restrictions in June was sharper this time around compared to last year, the consultant said.