Property registrations in Mumbai slump in August
Real Estate

Property registrations in Mumbai slump in August

Property registrations in Mumbai declined in August from the previous month, as the reduced stamp duty rate's benefit granted by the Maharashtra government to new home buyers no longer exists.

Mumbai's property registrations continued to rise from one year earlier due to a low base to compare with and purchases by women who are provided a 1% reduction in stamp duty.

According to data from the Inspector General of Registration, Maharashtra, as many as 6,635 deals were registered in Mumbai's property market in August.

This indicates a 32% fall in registrations from July, but over two-and-a-half times rise against 2,642 registrations in August last year.

Stamp duty collection at Rs 400 crore is down 27% against July but 135% up from a year before.

The government had given a four-month window for deals registration if the stamp duty was paid before March-end, and it was closed in July.

According to property brokers, the deal flow has slowed down in anticipation that the state government could declare a fresh reduction in the duty.

Developers are also keen to witness a cut in charges and are ready to give an equal amount of benefit to homebuyers.

President-elect of the National Real Estate Development Council (naredco), Rajan Bandelkar, told the media that the government should decrease the stamp duty as this would be a favorable situation for all stakeholders. Naredco members will meet the quantum of stamp duty reduction by the government, thereby giving a benefit to homebuyers.

To celebrate International Women’s Day on March 8, the Maharashtra government declared a 1% concession in present stamp duty for women homebuyers for FY 21-22.

Knight Frank India, CMD, Shishir Baijal, said that since June 2021, the percentage contribution of women buyers to the total registrations has been constant between 4-5%.

While in the first two months, the women buyers number availing for this stamp duty was limited, a moderate uptick since June is being observed.

In Mumbai, the female homebuyer's share in new residential sales has been growing, largely on the end of this stamp duty incentive.

Through various policies, the central government has also been promoting homeownership by women across the country, for the last several years.

Image Source


Also read: Maharashtra records 93% property registration revenue hike in July

Also read: Mumbai tops residential real estate market recovery in Q1 FY22

Property registrations in Mumbai declined in August from the previous month, as the reduced stamp duty rate's benefit granted by the Maharashtra government to new home buyers no longer exists. Mumbai's property registrations continued to rise from one year earlier due to a low base to compare with and purchases by women who are provided a 1% reduction in stamp duty. According to data from the Inspector General of Registration, Maharashtra, as many as 6,635 deals were registered in Mumbai's property market in August. This indicates a 32% fall in registrations from July, but over two-and-a-half times rise against 2,642 registrations in August last year. Stamp duty collection at Rs 400 crore is down 27% against July but 135% up from a year before. The government had given a four-month window for deals registration if the stamp duty was paid before March-end, and it was closed in July. According to property brokers, the deal flow has slowed down in anticipation that the state government could declare a fresh reduction in the duty. Developers are also keen to witness a cut in charges and are ready to give an equal amount of benefit to homebuyers. President-elect of the National Real Estate Development Council (naredco), Rajan Bandelkar, told the media that the government should decrease the stamp duty as this would be a favorable situation for all stakeholders. Naredco members will meet the quantum of stamp duty reduction by the government, thereby giving a benefit to homebuyers. To celebrate International Women’s Day on March 8, the Maharashtra government declared a 1% concession in present stamp duty for women homebuyers for FY 21-22. Knight Frank India, CMD, Shishir Baijal, said that since June 2021, the percentage contribution of women buyers to the total registrations has been constant between 4-5%. While in the first two months, the women buyers number availing for this stamp duty was limited, a moderate uptick since June is being observed. In Mumbai, the female homebuyer's share in new residential sales has been growing, largely on the end of this stamp duty incentive. Through various policies, the central government has also been promoting homeownership by women across the country, for the last several years. Image Source Also read: Maharashtra records 93% property registration revenue hike in July Also read: Mumbai tops residential real estate market recovery in Q1 FY22

Next Story
Real Estate

Dharavi Rising

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Real Estate

MLDL Records 20.4% Growth in Pre-Sales

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its financial results for the quarter ended March 31, 2025. In line with INDAS 115, the company recognises revenues using the completion of contract method. Key highlights FY25: Consolidated sales (Residential and IC&IC) of Rs 32.99 billion. Gross development value (GDV) additions in FY25 were Rs 1.81 trillion compared to Rs 440 billion in FY24 (~4x growth). Residential pre-sales of Rs 28.04 billion in FY25, reflecting 20.4% growth o..

Next Story
Infrastructure Transport

UCSL Delivers India's First Green Cargo Vessel to Norway

In a landmark achievement for Indian shipbuilding and the Atma Nirbhar Bharat initiative, Udupi Cochin Shipyard Limited (UCSL), a subsidiary of Cochin Shipyard Limited (CSL), has delivered the first of six next-generation green cargo vessels to Norway-based Wilson Ship Management AS, Europe’s largest short-sea shipping operator. The 3,800 DWT vessel, named Wilson Eco 1, was handed over during a ceremony at New Mangalore Port. The delivery is part of a Rs 5.06 billion project supported by Norway’s green maritime funding programme, marking India's entry into the European eco-friendly ca..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?