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