Property registrations in Mumbai cross one lakh mark in a single year

Property registrations in Mumbai have crossed the one lakh mark in a single year in 10 years, as the country’s biggest property market continued to offer low interest rates and offers from real estate developers.

The market has climbed a new 10-year peak as it exceeded the mark of 1 lakh enrollments in a year. Interestingly, the speed of house registration has continued even without the extension of the lower stamp duty benefit.

The property market of the nation's financial capital has reported more than 5,553 registrations of agreements in only three weeks of December after observing more than 7,582 registrations in the festive month of November, revealed data from the Inspector General of Registration, Maharashtra.

The state exchequer has drawn more than Rs 549 crore and Rs 421 crore revenue from stamp duty on these property deals. The registration activity in both September and October had additionally mounted a new monthly peak before this, and the performance so far shows the continuance in sentiment buoyancy.

Sandeep Runwal, president, NAREDCO Maharashtra and MD, Runwal Group, told the media that the pandemic has boosted the demand for property from all segments. Homebuyers have additionally been uplifted by the low-interest rates and recent stamp duty reduction which has supported government revenues and the drooping property market.

Property registrations during the January-November term are 122% more than a year back, while the government has gained a revenue of Rs 5,351 crore between January to November 2021, revealed data from Knight Frank India.

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Also read: Mumbai housing registrations surge 35% YoY in Sept: Knight Frank