Mumbai property registrations jump 327% in June: Knight Frank

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Mumbai property registration jumped 327% in June compared to the same period last year. Of this, 42% of registration were of new properties, according to a report by Knight Frank India, a property consultant.

The total units registered in June this year were 7,857 compared to 1,839 registered last year in the same month amid the lockdown.

In fact, the registrations for June 2021 were 39% higher than June 2019, which was the pre-pandemic period.

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June registrations were 47% higher when compared month-on-month (with May 2021).

Like last year, the city was under lockdown restrcitions due to the pandemic. However, the pick up in registration was sharper.

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.

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

Delving deeper into the property registrations data, the report noted that 42% of registrations in June 2021 were from new residential units.

At 3,300 units, the number of new apartments sold (fresh sales) during June 2021 was more than double compared to 1,554 units sold in May 2021.

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The share of women homebuyers in new sales improved from 1.8% in May 2021 to 4.7% in June 2021. That’s because, on 8 March 2021, to celebrate International Women’s Day, the Maharashtra Government announced a 1% rebate in stamp duty for women homebuyers effective from 1 April 2021.

(Do you have personal finance queries? Send them to [email protected] and get them answered by industry experts)

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