Mumbai property registrations set a new high record for July

31 Jul 2021 CW Team

Property registrations in Mumbai have set a 10-year record for the month of July with more than 9,000 registered deals in the month.

Those who purchased properties and paid stamp duty on or before March-end can register their deals in a maximum time period of four months until July 31 from the date of stamp duty payment. The Maharashtra government proposed the relaxation of four months in December to avoid crowding of registration offices.

As indicated by the data from the Inspector General of Registration (IGR), Maharashtra, up 16% from 7,856 a month ago and a jump of 242% from 2,662 in July 2020, over 9,027 deals were registered in the country’s commercial capital in July.

The collection of stamp duty increased in July to Rs 512 crore and up 23% from June’s Rs 420 crore collection. The pre-pandemic performance of Rs 452 crore in June 2019 has been outperformed by the collection.

Owing to the spill-over effect of the benefit of lower stamp duty that was proposed, it is the third month of robust growth in property registrations in Mumbai until March end with a four-month relaxation to finalise the deal.

Owing to the lockdown and the government’s decision to withdraw the benefit of lower stamp duty, the momentum in registering property transactions in the city had started diminishing in May.

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Also read: Property registrations in Indore recorded a 60% jump in June

Also read: Pune notes more housing sales in first half of 2021 against last year

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