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