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
Infrastructure Urban

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Next Story
Infrastructure Energy

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Next Story
Infrastructure Urban

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement