Mumbai sees rise in property registrations in June at 7,857

The real estate sector in Mumbai recorded 7,857 property registrations in June, marking an increase as compared to May when the city recorded 5,360 registrations

The real estate sector in Mumbai recorded 7,857 property registrations in June, marking an increase as compared to May when the city recorded 5,360 registrations. However, the number was less compared to other months of the year as property registrations in February stood at 10,712, in March 17,449 and 10,136 in April.

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In June last year, only 1,839 units were registered.

Shishir Baijal, chairman and managing director of Knight Frank India, a real estate consultancy firm, said it was better compared to June last year. “Despite the second wave of the Covid-19 pandemic being severe than the first wave and lockdown duration as well as intensity being similar, there is a a stronger growth in property registrations post easing of lockdown restrictions compared to last year,” said Baijal. He said he was hopeful that things will improve in the coming days.

The Maharashtra Chambers of Housing Industry (MCHI-CREDAI), an association of builders, said the numbers were less due to twin factors. “During the second wave, people saw deaths among close relatives and near and dear ones, which dissuaded many homebuyers from purchasing properties,” said Deepak Goradia, president of MCHI-CREDAI. “Homebuyers are also facing issues due to the slowdown in economy,” he said, adding, “The Government needs to reintroduce stamp duty waivers to boost sales.”

The real estate sector has been facing a slowdown since several years and the Covid-19 pandemic and resultant lockdowns have only made matters worse.

The government had, in August last year, announced its decision to reduce stamp duty levied on sales of apartments to 2% from September 1 till December 31, 2020, and then hike it to 3% from January 1 till March 31, 2021. The move had played a huge role in boosting sales in both primary and secondary markets. The state, however, refused to extend the provision further despite several requests.

Shweta Thakker, chief sales and marketing officer at AhujaHIVE, a real estate firm of Ahuja Constructions, said the real estate sector will witness improvement in the coming months. “Many builders are giving discounts with added incentives such as booking amount refunds, statutory fees waivers, cashback schemes, easy payment structuring and assorted freebies. We are hopeful that the momentum will improve on basis of economic recovery and mass vaccination drive efforts,” said Thakker.