Mumbai’s housing registrations surge 53% to 2.42 lakh units in 2021

31 Jan 2022 CW Team

On Monday, Industry body Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), real estate consultant Colliers India and data analytics company CRE Matrix issued their joint report 'MMR Housing Uptick backed by Support'. Registration of residential properties reached 2,42,061 units during the 2021 calendar year compared to 1,58,327 units in 2020 and 2,01,613 units in 2019.

In value terms, CRE Matrix CEO Abhishek Kiran Gupta told the media that the value of the property listed reached Rs 1.9 lakh crore in 2021, Rs 1.12 lakh crore in 2020 and Rs 1.29 lakh crore in 2019.

He said that the registration data includes units sold in primary and secondary (resale) markets. Approximately 55% would be the primary sales of the total enrollments.

Boman Irani, incoming president of CREDAI-MCHI, told the media that the stamp duty collections of the government grew 81% year-on-year in 2021, almost reaching the 2019 level. Colliers India CEO Ramesh Nair told the media that the year 2021 has been a good year for homebuyers. The numbers indicate how sops at the right time can enhance demand across the segments. Apart from stamp duty decrease, Nair said that the home loan rates, stable housing costs, increased demand and discounts provided by builders contributed to the advancement in registration numbers.

Within the MMR property market, the listing of houses in Thane surged to 1,02,054 units last year from 69,434 units in 2020 and 94,154 units in 2019. Palghar witnessed registration of 28,678 units last year compared to 20,357 units and 26,280 units in the last two years, respectively. Houses registration in Raigad increased to 34,192 units in 2021 from 22,775 units last year and 32,725 units in 2019. As many as 12,023 units got listed in Mumbai City in 2021.

The state government in September 2020 decreased stamp duty charges from 5% to 2% for all housing deals for September- December 2020 and 3% during January-March 2021.

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Also read: Property registrations in Mumbai cross one lakh mark in a single year

Registration of houses in Mumbai Metropolitan Region (MMR) increased 53% last year to 2.42 lakh units, pushed by stamp duty reduction by the Maharashtra government and low-interest rates on home loans, as per a report. On Monday, Industry body Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), real estate consultant Colliers India and data analytics company CRE Matrix issued their joint report 'MMR Housing Uptick backed by Support'. Registration of residential properties reached 2,42,061 units during the 2021 calendar year compared to 1,58,327 units in 2020 and 2,01,613 units in 2019. In value terms, CRE Matrix CEO Abhishek Kiran Gupta told the media that the value of the property listed reached Rs 1.9 lakh crore in 2021, Rs 1.12 lakh crore in 2020 and Rs 1.29 lakh crore in 2019. He said that the registration data includes units sold in primary and secondary (resale) markets. Approximately 55% would be the primary sales of the total enrollments. Boman Irani, incoming president of CREDAI-MCHI, told the media that the stamp duty collections of the government grew 81% year-on-year in 2021, almost reaching the 2019 level. Colliers India CEO Ramesh Nair told the media that the year 2021 has been a good year for homebuyers. The numbers indicate how sops at the right time can enhance demand across the segments. Apart from stamp duty decrease, Nair said that the home loan rates, stable housing costs, increased demand and discounts provided by builders contributed to the advancement in registration numbers. Within the MMR property market, the listing of houses in Thane surged to 1,02,054 units last year from 69,434 units in 2020 and 94,154 units in 2019. Palghar witnessed registration of 28,678 units last year compared to 20,357 units and 26,280 units in the last two years, respectively. Houses registration in Raigad increased to 34,192 units in 2021 from 22,775 units last year and 32,725 units in 2019. As many as 12,023 units got listed in Mumbai City in 2021. The state government in September 2020 decreased stamp duty charges from 5% to 2% for all housing deals for September- December 2020 and 3% during January-March 2021. Image Source Also read: Property registrations in Mumbai cross one lakh mark in a single year