Mumbai notes 47% decline in residential property registrations in May
Real Estate

Mumbai notes 47% decline in residential property registrations in May

Residential properties registrations dropped by 47% in the Mumbai municipal region in May compared to April due to the second wave of the Covid-19, but it surged 25 times when compared to May 2020, as per the Knight Frank India.

Property Registrations of 5,360 units were recorded by the Brihanmumbai Municipal Corporation (BMC) region in May 2021, recording a drop of 47% Month-on-Month (MoM) compared to April 2021.

However, the registrations were 25 times higher in May 2021 as compared to May 2020. Property registration numbers declined by 15% as compared to 6,270 units in May 2019.

Only 29% of registrations in May 2021 were from new residential sales concluded in the month, while 71% of the registered properties were from sales concluded December 2020 to April 2021 period that got registered in May, said the Knight Frank India.

The Maharashtra government had reduced the stamp duty on registration of properties by 2-3% in September last year to boost housing sales. Till March 2021, the concession was applicable.

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

Image Source


Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs

Also read: Property registrations in Mumbai drop by 50% in April

Residential properties registrations dropped by 47% in the Mumbai municipal region in May compared to April due to the second wave of the Covid-19, but it surged 25 times when compared to May 2020, as per the Knight Frank India. Property Registrations of 5,360 units were recorded by the Brihanmumbai Municipal Corporation (BMC) region in May 2021, recording a drop of 47% Month-on-Month (MoM) compared to April 2021. However, the registrations were 25 times higher in May 2021 as compared to May 2020. Property registration numbers declined by 15% as compared to 6,270 units in May 2019. Only 29% of registrations in May 2021 were from new residential sales concluded in the month, while 71% of the registered properties were from sales concluded December 2020 to April 2021 period that got registered in May, said the Knight Frank India. The Maharashtra government had reduced the stamp duty on registration of properties by 2-3% in September last year to boost housing sales. Till March 2021, the concession was applicable. In December 2020, the state government 2020 had given a leeway of four months to homebuyers to register a property after the payment of stamp duty to prevent crowding of registration offices. Image Source Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs Also read: Property registrations in Mumbai drop by 50% in April

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?