Mumbai July Property Registrations @ Decadal High

Mumbai has recorded the highest number of property registration in July in at least 10 years, as buyers took advantage of a four-month window to register deals struck until March at a lower stamp duty rate offered by the Maharashtra government to spur sales amid the Covid-19 pandemic.

More than 9,027 deals have been registered in the country’s most expensive property market this month, according to the data from the inspector General of Registration, Maharashtra, up 16%from 7,856 a month ago and a jump of 242% from 2,662 in July 2020. This is the highest number of registration in the past decade, for which data is available.

The state government had lowered the stamp duty from September 2020 till March this year. In December last year, it allowed buyers who would pay the stamp duty by March-end to register their deals within four months until July 31.The government offered this relaxation to prevent crowding at registration offices. The stamp duty collection of Rs.512 crore in July marked a rise of 23% from Rs.420 crore in June and also surpassed the pre-pandemic collection of Rs.452 crore in July 2019.

“The government’s support with the stamp duty reduction offered has helped convert a lot of indecisive and first-time homebuyers,” said Sandeep Runwal, president-elect, NARED-CO.

“This has helped all the stakeholders including homebuyers and state government that has derived higher stamp duty revenue despite lower rates. We strongly request the government to reintroduce the stamp duty reduction to overcome the impact of second wave.”

In May, the momentum in registration of property transaction in Mumbai had started receding owing to a combination of lockdown and the government’s decision to with draw the benefit of lower stamp duty. The government’s revenue collection had also fallen in May given the lower number of deals despite higher stamp duty rates. S-ET

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *